IFA consolidator Perspective Financial Group has acquired its ninth firm after securing a refinancing package with Lloyds TSB.
It has acquired husband and wife-run IFA Chambers and Co, a Chelmsford-based firm which specialises in long-term care planning.
Perspective says the deal takes its annualised turnover up to £9.5m and has boosted its assets under advice to more than £500m.
Earlier this month, Perspective announced it had secured a refinancing package with Lloyds TSB Corporate Markets, boosting its acquisition facility to £12.5m. It has plans to acquire another seven firms by next autumn.
"Chambers and Co fits perfectly the profile of the firms Perspective is interested in acquiring," Perspective managing director Damian Keeling says.
The FSA this month warned advisers considering using consolidators' business models as their eventual exit routes to beware their TCF obligations.
It warned the trend of consolidator putting the adviser firm's customers onto a wrap platform for ongoing servicing and the client bank at a later date may be in breach of their duty to "act, honestly, fairly and professionally in line with the client's best interests".
Keeling says: "Since our own launch a number of new prospective consolidators have announced their intentions in the marketplace, however there is a great deal of difference between intent and action."
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