Advisers not affected in OpenMoney restructure and redundancy plans

Restructure follows the sale of the Manchester advice firm last year

Hope William-Smith
clock • 1 min read

Advisers will not be affected by any potential staff cuts that will come as part of the restructuring of Manchester advice firm OpenMoney.

The firm announced it was sent to "enter a period of significant restructuring" on the back of it having been acquired last year by entrepreneurs Will Mallard and Patrick Leahy. The Financial Conduct Authority has yet to approve any restructuring proposals, which include plans for its financial planning arm to be extended by both acquisitions and organic growth. While OpenMoney acknowledged there is "an expectation of redundancies in the group holding company", a spokesperson confirmed to Professional Adviser that no advisers will be affected. "The proposed corporate restructure wi...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Consumer Duty Alliance looks to attract advice industry talent

Consumer Duty Alliance looks to attract advice industry talent

New Talent Alliance will be chaired by M&G Wealth Advice MD Tom Hegarty

Isabel Baxter
clock 27 March 2024 • 2 min read
PA Working Lunches: Register today to hear from SimplyBiz

PA Working Lunches: Register today to hear from SimplyBiz

Join us for an informative session worth one hour of CPD

Professional Adviser
clock 27 March 2024 • 1 min read
FCA warns firms and finfluencers to 'keep social media ads lawful'

FCA warns firms and finfluencers to 'keep social media ads lawful'

Regulator sets guidance for financial services promotion

Isabel Baxter
clock 26 March 2024 • 3 min read