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By Rob Langston | Published Feb 17, 2010

Alpha to Omega won't be sold, say administrators

Simon Underwood, administrator at Benedict Mackenzie, said there had been a "good level of interest" but concerns over liabilities and client confidentiality proved to be major stumbling blocks.

He said: "Since my appointment some advisers have tendered their "resignations" from the A2O network and it is believed that many are in the process of registering with alternative networks or seeking direct FSA (Financial Services Authority) authorisation.

"In the circumstances we will now focus our efforts on processing reference requests."

He added: "One of the focuses of the FSA has been that the administrators protect the position of all clients of A2O and it was anticipated that a sale of the network would have assisted with this objective.

"In the circumstances I now require all client files to be held to my order."

Mr Underwood said client files will be required in the event claims are received relating to business conducted by advisers when appointed to A2O

He said: "As regards commission payments, I am taking legal advice and hope to be able to revert to you [advisers] regarding the position towards the end of next week with further news.

"In the meantime I am unable to make any payments from the commission account."

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