In December 2022, Tenet confirmed to International Adviser it had hires external advisers to carry out a review of the business.

As part of its plans, the group is giving appointed representatives of the Tenet Wealth and Investment Network the chance to join The Openwork Partnership. The fully supported transfer will give advisers and firms the option to retain their independent status in the 2plan Wealth Management network at Openwork.

The agreement could introduce 170 new firms into The Openwork Partnership, as well as add over 360 advisers to the network.

Tenet & You, Tenet Mortgage Solutions, Tenet Financial Services advisory brands and Tenet Compliance Services will remain with the Tenet Group and continue to advise customers without interruption.

‘Brilliant opportunity’

Phillip Hilling, chairman of the Tenet Group, said: “The board of Tenet is pleased to announce the completion of our strategic review which concluded that these transactions affecting Tenet’s Appointed Representative networks are in the long-term best interest of all stakeholders, and we are delighted to have secured well-established, successful businesses with matching cultures for our customers and their advisers.

“These outcomes provide certainty and sustainability for our appointed representatives, customers and employees and support our ultimate objective of producing good consumer outcomes.”

Richard Houghton, chief executive at The Openwork Partnership, added: “Not only does this exclusive agreement represent a brilliant opportunity for The Openwork Partnership commercially, but it also demonstrates our continued commitment to ensuring everyone in the UK has access to financial advice. I’m delighted that we can support those advisers impacted by Tenet’s decision and offer them a positive outcome from the situation.”

The advice network has appointed Helen Ball as chief executive.

Ball was previously managing director of Tenet and has over 40 years’ experience in the sector.

She has previous experience undertaking strategic reviews and has been working on the firm’s strategic review to date.

Following this change, Mark Scanlon, chief executive, and Martin Tyler, chief financial officer, will be leaving the business with immediate effect.

Progeny

The financial planning group has named Caroline Hawkesley as UK managing director as part of a restructure to strengthen its position in the UK market and prepare the business for future international growth with the imminent acquisition of The Fry Group.

Hawkesley will move from her current role as chief operations officer in the business.

She began her career in the banking industry before co-founding her own financial advisory firm Evolve. When this was acquired by Progeny in 2018, she went on to head up the operations team.

In her new role, Hawkeseley will manage and direct Progeny’s activities in the UK.

Progeny founder Neil Moles remains in position as chief executive.

Nedgroup Investments

The asset manager has hired Apiramy Jeyarajah as chief commercial officer for its international business.

She is based in London.

Before joining Nedgroup Investments, Jeyarajah was head of UK wholesale distribution at Aviva Investors and the head of financial institutions for UK and Israel at HSBC Global Asset Management.

Suntera Global

Anne Baggesen has announced she is stepping down from her role as managing director of the firm’s private wealth division.

She said via a Linkedin post: “I am going to taking a break for a few months before I decide what I should venture into and explore what new opportunities are out there for me.”

Baggesen has spent 19 years at Suntera Global.

PKB

The private banking company has named Alfonso Rivolta as group head of wealth solutions.

He joins the bank from EFG, where he was global head of wealth planning.

Bank of Singapore

Ranjit Khanna has joined the bank as chief executive of its Dubai International Financial Centre (DIFC) branch and global market head of the Middle East, subject to regulatory approval.

He was most recently the chief executive of the Singapore office of Union Bancaire Privee as well as its head of private banking for south Asia.

Khanna is a replacement for Alexandre Lotfi as chief executive of the DIFC branch, who is relocating to Singapore to continue in his other role as global chief risk officer.

Meanwhile, Vikram Malhotra, who previously oversaw the business growth of the DIFC branch from Singapore, will now focus on expanding the bank’s coverage of the non-resident Indian segment across Asia as global market head of south Asia.

Julius Baer

Marco Parroni, currently head of global brand partnerships and sponsoring, has been promoted to chief marketing officer at the bank.

Parroni joined Julius Baer in 2013.

Antje Hembd will succeed Parroni as head of global brand partnerships and sponsoring.

Also, the private banking group has expanded its operation in Brazil with the hiring of a team from Grimper Capital.

The team that will join Julius Baer Brazil during the course of April includes:

• Sylvio Castro, founder, and main partner at Grimper Capital. He will be responsible for all the relationship managers at Julius Baer Brazil and hold the title of head of client management Brazil;
• André Szasz is a partner at Grimper Capital; and
• João Freitas is the third partner at Grimper Capital.

Other senior members of the Grimper Capital team who will join Julius Baer Brazil include Mariam Dayoub, Alexandre Mastrocinque, Sidney Uejima, Thiago Marchiore, Rafael Ribeiro, and Vito Ferreira.

Asset Co

Gary Collins has stepped down from his role as head of distribution at the wealth and asset management consolidator, according to a Linkedin post.

He joined the firm in July 2021 from Columbia Threadneedle Investments, where he was head of distribution for Emea and Latin America.

Weatherbys

The private banking group has hired Maya Lewis and Anthony Rawlinson as private bankers.

Lewis was previously at Investec, where she worked with a focus on sports and entertainment clients.

Rawlinson previously served as a discretionary portfolio manager at Coutts and head of private banking for Standard Chartered in Abu Dhabi.

Robeco

Ralf Oberbannscheidt has been appointed as global head of thematic investing at the asset manager.

In this role, he will oversee the teams and further development of the active thematic investing offering.

Oberbannscheidt joins from Global Thematic Partners, New York (GTP), of which he was a founding partner and portfolio manager.

Chairman Allan Carruthers has resigned from the board with immediate effect due to ill health.

Senior independent director Richard Price will take on the role of acting chairman.

Sigma Private Office

The Dubai-headquartered firm hired Chris Anderson as managing partner, based in London.

He spent the last 15 years at Barclays, most recently as market head for the private banking business in the UAE.

Tenet&You

The managing director of the advice firm, an appointed representative of TenetConnect, has left after a year in the role.

Simon Broadley has left to become chief commercial officer at Furness Building Society.

Lighthouse Canton

The Singapore-based wealth and asset manager has bolstered its wealth capabilities for greater China with the appointment of Kenneth Yeo as managing director and senior client partner.

He was previously chief executive of Aurous Capital.

Sienna Investment Managers

Alix Faure has become head of ESG at the Paris-based investment manager.

She joins from Comgest where she worked as head of responsible development.

Oberon Investments Group

The boutique investment management firm has recruited Paul Sheehan as an investment manager.

He was most recently at WH Ireland where he managed investment portfolios for ultra- and high net worth clients.

JFSC

The Jersey regulator hired David Eacott as executive director of supervision.

He used to work at the Malta Financial Services Authority as head of banking supervision.

Quilter Financial Advisers

Tom Kennedy has joined Quilter Financial Advisers as a financial planner.

Most recently, he had a similar role at Manchester-based financial planning firm KBA FS.

The company confirmed to International Adviser it has hired external advisers to review the business, amid increasing regulation and current market conditions.

A spokesperson for the network said: “We are working with external advisers to review and consider how we might adapt to a changing regulatory environment and market backdrop for the benefit of all our stakeholders.

“No decisions have been made and it remains business as usual for our members and their clients.”

While business reviews are fairly common, there is no certainty that Tenet will be sold or that it will even be put up for sale.

2022 has been a fairly quiet year for the network, considering its last acquisition was made in August 2021 with the purchase of Leeds-based advice firm Astute Financial Advisers for an undisclosed sum.

But it has focused on expanding its existing business with several hires including Julie Mulvanny and Rory Jackson as regional business managers; Anthony Sheard as head of learning and development; and Simon Broadley as managing director of the firm’s advice business Tenet&You.

The speculation, arguments, and calls for change are now over. The Financial Conduct Authority’s Consumer Duty undoubtedly marks a flagship intervention, one designed to significantly change the approach to retail customers.

The expected impact should not be underestimated. We’re not just talking about treating customers fairly with teeth – it’s a shift to an outcome-focused approach.

Many advisers will already be operating in line with the broad aims, but there’s still a real risk of complacency. Expectations are increasing and compliance with existing standards alone won’t be enough. It’s now or never for advisers to demonstrate how all aspects of their business support good client outcomes.

The regulator has heeded calls for a more reasonable implementation timeframe, but the deadline for completing the planning phase is still fast approaching. Firms need to have agreed their implementation plans by 31 October…. and the clock is ticking.

Advisers must be able to show their plans are robust, are properly documented, and make them available to the FCA on request. With these challenges in mind, what can advisers do to get ahead of the game and meet the deadline?

Mind the gap

Advisers need to take a holistic look at their business and where they are on the Consumer Duty journey so that they can benchmark against their new obligations. A gap analysis is a great first step.

Start with the basics – is there appropriate senior management engagement? Appointing a project lead to oversee implementation can help. This should be someone with a good working knowledge of all business activities and who can be an active voice on Consumer Duty considerations. This person can also act as a central liaison point for staff queries and correspondence with the regulator.

Elsewhere, has thought been given to the resource implications? The FCA estimates implementation costs for small firms could reach nearly £26,000 ($29,284, €29,811) and significantly more for larger firms – so clearly some funds will need to be set aside.

But this is just the groundwork. Next, advisers must consider their client proposition, and carry out their gap analysis in relation to achieving the Consumer Duty’s required outcomes.

Products and services

The Consumer Duty calls on advisers to dot their i’s and cross their t’s, and I really do see this as a fresh and positive opportunity for advisers to develop professionally. Advisers should ask themselves if they have reviewed their advice process in light of Consumer Duty and how well they know their target markets.

Particularly, have the needs of different groups, like those with vulnerability characteristics, been considered?

Treating all clients as potentially vulnerable could be born from good intentions, but such a blanket approach is unlikely to spot the many varied drivers of vulnerability.

Regarding distribution, key considerations include advisers checking whether they’re obtaining provider information on target markets, and if their advice processes fit with intended distribution strategies.

Value for money

Advisers will also need to more clearly justify and evidence their fees and why these represent fair value, and this means completing value assessments.

This again is a fantastic opportunity to demonstrate the relationship between the price paid by the client and the benefits of the service.

Advisers also need to look at the overall value of the distribution chain.

Switching to a two-year fixed mortgage rate to save £400 might look like a good outcome on paper, but it’s self-defeating if the costs and charges racked up are even higher.

Consumer understanding and support

This is about helping clients make informed decisions. Information still needs to be clear, fair, and not misleading – but it also needs to go beyond this and actively support customer understanding.

Questions to think about include when were communication standards last reviewed, and which documents will need to be revisited.

The Consumer Duty also seeks to stop clients encountering unreasonable barriers that prevent them from achieving their goals.

This means considering clients’ support needs at each stage of the advice process and mapping how these needs are being met.

One lesson from the pandemic is that this should include thinking about times of exceptional stress – like the current energy crisis – and considering which clients may need an extra helping hand.

The clock is ticking…

A structured, step-by-step approach is key to managing regulatory change, but there’s a real danger of advisers letting the FCA’s deadline slip by.

A gap analysis is a great first step, providing a springboard for advisers to fill in any gaps with a harms assessment and map out their implementation plans before the end of the month.

With the deadline quickly approaching, advisers simply can’t afford to delay and must get their plans in place so they can go forward with peace of mind.

This article was written for International Adviser by Warren Vickers, managing director at Tenet Compliance Services.