Tenet has confirmed working for Berkley Independent Advisers (BIA) and Berry Birth & Noble Financial Planning (BBNFP) will now trade as appointed representatives of its Interdependence network.
The move comes after the Financial Services Authority (FSA) yesterday cancelled the part IV permissions of both IFA firms at noon because they could not meet capital adequacy requirements.
Emma Bull, a spokeswoman for Tenet, says those advisers working for BIA and BBNFP were aware of the change as Tenet had stayed in regular communications with advisers as the deal to acquire both firms was negotiated.
Bull adds intermediaries are currently using temporary measures to ensure they can continue to work. “[Advisers] are just using temporary measures like stickers to replace letterheads for now and they are going to have to make do to begin with but things have been prepared to allow them to carry on trading,” she adds.
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