O’Halloran calls it quits after 40 years
- FSCS has case for IFAs getting a legal bill due to Arch Cru
- Adviser blasts FSA’s stance on life policies
More on Your Business
- ‘Focusing on profitability can be damaging for IFAs’
- FSCS favours levy overhaul to reflect adviser risk
- IFA criticises shift to high net worth clients
In focus: Future of Independence
Mr O’Halloran said he was ‘fed up’ with dealing with the regulator and has sold the O’Halloran & Co client bank to First Capital Independent Financial Advisers.
He said: “The FSA has let the side down through the financial crisis and failures of firms such as Keydata and Arch Cru. Yet it always blames everyone else.
“Another 12 months of putting up with the questionable antics of the FSA and its successor bodies would have put me in an early grave and, at age 68, I have every intention of being around until I am in my 90s.”
Mr O’Halloran said he would continue running O’Halloran Financial Management Services, a sole trading strategic financial planning firm, with financial planner Eleanor Downie
Lincolnshire-based First Capital Independent Financial Advisers is an appointed representative of The Whitechurch Network.
Jonathan Beck, managing director, said: “Two key factors behind the acquisition were the excellent reputation of the company and the high level of personal service that has been provided to clients by Mr O’Halloran and Ms Downie over the past 40 plus years.
“Our advisory team of 10 advisers will take on the clients and our aim is to build upon this existing relationship.”
Mr Beck said now was a good time for IFA businesses to grow due to the number of advisers exiting the industry.
First Capital IFA has previously purchased the client banks of Rosebank Financial Services Ltd and MBI Limited.
Mr Beck added: “This probably concludes our acquisitions but ‘never say never’.”