Network applies to FSA to have permissions removed

A Derbyshire-based adviser network has applied to the regulator to have its permissions to advise on investments and regulated mortgage contracts removed, the Financial Services Authority has confirmed.

According to the FSA register, Chesterfield-based Unleash Advice Partnership Ltd remains authorised but has applied to have its permissions cancelled.

A spokesman for the FSA stated the application to no longer have permission to advise on investments - except pension transfers and pension opt outs - and regulated mortgage contracts would take six months to consider if Unleash’s submission was complete.

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The regulator stated it could take up to 12 months to have its permissions removed if Unleash’s application is incomplete.

The FSA register states the network currently has 19 appointed representative firms as members.

FTAdviser contacted Wayne Harper of South Yorkshire-based IFA Harper Associates, a member firm that has provided a testimonial that features on Unleash’s website.

FTAdviser asked Mr Harper if he was aware that Unleash had applied to have its permissions cancelled. Mr Harper confirmed that the network was seeking to have its permissions removed and that his firm is “in the process of moving it to Virtual Net.”

Tim Newman, managing director of Cheshire-based network Sense, also told FTAdviser that he had been approached by several of Unleash’s appointed representative firms, who were looking for a new network due to the change in regulatory status.

Unleash was set up by Andy Adewale, who was the co-founder and the executive chairman of Mint Financial Services Limited.

According to Unleash’s website, the business aims “to provide a regulatory and business support infrastructure to independent financial advisers/planners and independent mortgage intermediaries”.

At the time of this article being published, FTAdviser had not received any response to repeated requests to Unleash’s directors or through the firm’s website for comment.