IFA group targets brokers with compliance service
Competition in the compliance provider arena is hotting up as Tenet Group announced a major expansion into general insurance.
Following service provider Bankhall, Tenet claimed to be better positioned to give a higher standard of service to its members.
Tenet Insurance Profess-ional is aimed at providing compliance services to the top and bottom end of the market.
Nick Kelly, managing director of Tenet, explained: "We will look to target the small end of the market, those who don't have the resources to monitor the best practice standards set by the FSA.
"We will also be targeting those at the top end of the market. Those organisations which have a compliance infrastructure but recognise that senior management will have to take a lot more responsibility under the FSA."
Glenn Chapman, client service director, added: "We are offering a 'belt and braces' regulatory support system for intermediaries, utilising the knowledge and experience we have gained from supporting investment advisers."
The new service will be rolled out to existing IFA Tenet users then offered to the broader market. Kelly said it would primarily look to encourage firms to show evidence of FSA standards.
"Under the FSA regime it is about evidencing your business practices." he said.