‘The regulator wants fewer firms to manage’

Last month, Tenet announced it will close its network, with its appointed representatives moving to The Openwork Partnership as part of an exclusive agreement with the company.

The agreement will provide Tenet's firms and advisers the choice of retaining their independent status through Openwork's IFA business 2plan Wealth Management or becoming part of the restricted Openwork proposition.

This came as the Financial Conduct Authority’s annual report and accounts for 2022-23 revealed that there has been a 19 per drop in the number of appointed representative firms in almost three years.

The FCA said intervention from the regulator has seen the number of ARs decline in recent years.

This week FTAdviser deputy news editor Sonia Rach talks to Emma Napier, consulting director at NextWealth and Rachael Fennessey, company director at Aspire Executive Search on the state of networks at the moment and where they are headed.

The FTAdviser Podcast is the podcast for financial advisers, brought to you by FTAdviser. Each week, FTAdviser is joined by guests from the industry to discuss the week in news and pressing industry issues.

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