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Read it now: Advisers leave Tenet & Pru faces IFA complaints

Read it now: Advisers leave Tenet & Pru faces IFA complaints

Tenet hit the headlines this week, with several advisers stating they were leaving the network.

According to the mortgage advisers who have handed in their notice to Tenet, the reason for their departure was the implementation of Intelligent Office's back-office system.

The system was put in place, according to Mark Scanlon, chief executive of Tenet, to drive greater efficiencies and reduce costs, but the departing advisers claimed there had been too many problems when making the switch, adding it was "not straightforward".

They also claimed a lack of implementation of the Intelligent Office system could make it more difficult for them when renewing their professional indemnity insurance. 

Meanwhile provider Prudential faced further adviser complaints over service levels, with one adviser, Tim Morris, IFA for Russell & Co claiming the life and pensions giant's system had caused delays to a client's regular top-up.

Fellow adviser Ben Walters, founder of Portland Financial Planning, complained his elderly clients - many of whom do not have internet access, let alone an email address - had been told by Prudential to either set up an email or to have their financial information sent to a relative's email.

Elsewhere in Financial Adviser, Quilter made significant asset allocation changes across its income portfolios in the light of the UK's dividend cull, while regulatory consultants warned advisers not to become complacent about the Financial Conduct Authority permitting a period of grace over Senior Managers Certification Regime requirements. 

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Simoney Kyriakou, editor, Financial Adviser