Foster Denovo to close adviser events business after inducements clampdown

Scott Sinclair
clock

National advisory group Foster Denovo is set to close a subsidiary which put on provider-funded events for its 80-plus advisers after a regulatory clampdown on inducements.

Group directors said they intend that Foster Denovo Event Management (FDEM) will cease trading in 2014. The subsidiary will fulfil its obligations for events already arranged until the end of the year, though it will receive no revenue for doing so. The group has been transitioning the now loss-making business away from putting on provider-funded events for its advisers and towards operating as an information-only proposition since 2012. It followed a regulatory crackdown on provider payments to advisory businesses by the then-Financial Services Authority (FSA) two years ago. Ea...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Professional Adviser TV: Creative ways to tackle the advice gap

Professional Adviser TV: Creative ways to tackle the advice gap

With Octopus Money CEO Ruth Handcock and financial adviser Kristian Manton

Professional Adviser
clock 25 April 2025 • 1 min read
Economic secretary confirms wholesale ISA review as experts demand sweeping reform

Economic secretary confirms wholesale ISA review as experts demand sweeping reform

LISA reform front and centre

Beth Brearley
clock 24 April 2025 • 2 min read
 MorganAsh introduces customer support tracking to vulnerability platform

MorganAsh introduces customer support tracking to vulnerability platform

Recording suggested next steps

Jaskeet Briah
clock 24 April 2025 • 2 min read