Adviser / Broking

IFA Willow Financial has been forced into administration over £1.5m in liabilities relating to its Arch cru advice - but has been bought back by some of its former partners at a knock-down price, and they won't be footing the bill for claims.

More than half of advisers (53%) have found the transition to the Retail Distribution Review (RDR) either smooth or very smooth, according to research published today.

RSM Tenon has appointed administrators and has suspended its shares following an announcement this morning a proposed takeover deal by Baker Tilly has fallen through.

Advisory and accountancy group RSM Tenon has conceded that, should an offer for the business be forthcoming from Baker Tilly, its high debts mean "minimal value, if any" will be attributed to its issued share capital.

Adviser support group Tenet's petition asking the government for a long-stop for financial advice complaints has reached 2,098 signatures in only ten days.

GREAT MINDS

Financial adviser and consolidator Perspective Financial has unveiled plans to float on the Alternative Investment Market (AIM) in a move to raise £28m.

Chase de Vere today announced steep losses for 2012 of £11.2m, impacted by the £14.4m set aside to cover the costs of its Keydata legal battle and compensating clients sold Arch cru and payment protection insurance.

Wealth manager Ashcourt Rowan posted a loss of £2.5m in the 12 months to April as the group continues its transformation into a holistic financial planning business.

Legacy commission still accounted for more than half of adviser income at end of March, according to research released today.