Succession Advisory Services has told its member firms to cease using compliance services provided by consultancy Threesixty Services as it raised concerns over what it sees as potential “conflicts of interest”.
While the statement, which was sent out to the press in an official media release, is ostensibly aimed at all of the 45 Succession member firms, only seven of these currently use services provided by Threesixty.
In its statement Succession said it felt Threesixty had struggled to prove its independence since being taken over by Standard Life more than two and a half years ago and that it could no longer manage what it perceives as a “conflict of interest”.
Standard Life acquired the remaining 75 per cent of Threesixty it did not already own in March 2010, becoming the sole owner of the business. It had held a 25 per cent stake since May 2007.
While the two firms have worked together on post-RDR guides for businesses, they are still operated as separate entities.
Threesixty was not able to comment on the statement at the time of writing.
Simon Chamberlain, Group CEO of Succession commented: “Since its acquisition by Standard Life, it has proven impossible for Threesixty to demonstrate its independence in the marketplace. As compliance holds such an important place in the continued growth of our 45 member firms, Succession has taken the view that this conflict of interest can no longer be tolerated.
“Succession works with a large number of preferred partners to deliver a wide range of professional and specialist services to meet the complex needs of our profitable wealth management firms who are transitioned and ready for the challenges of the RDR.
“We have to have confidence that all of those partners understand and support the objectives of our businesses.”
