Meteor Asset Management has received FSA approval to establish a separate administration company which will give greater protection to investors.
The new entity, Meteor Investment Management, will ringfence the assets of its own plans and those it administers for third-parties.
A percentage of the management fees will be paid to the new company allowing the plans to run until maturity in the event the plan manager no longer exists.
Graham Devile, Meteor managing director, says the firm put in its application to the FSA at the start of the year, before the demise of plan managers such as Keydata and NDFA. However it has taken until this month for FSA to approve the new company.
Further details on Meteor Investment Management will be made available later this week.
Two global vehicles
'Further plug advice gap'
Must appoint separate CEOs and boards
Advisers do come out well
Will report to Mark Till