Hopefully, you should have now received a letter from us explaining about some exciting new developments at MFP. The main points of the letter are reproduced below:
Following recent legislation and FCA changes, we have been considering the best way forward for MFP to ensure we can continue to provide the level of service you have come to expect from us.
It is clear that for regional financial planning firms such as ours it is becoming more and more difficult to operate without additional specialist resources.
We have therefore made the decision to integrate with the national financial advisory and wealth management group, Fairstone Financial Management Limited.
As one of the UK’s largest Chartered financial planning firm, Fairstone can provide the financial strength and stability that a smaller firm like ours needs to grow and prosper within a sector that continues to face significant challenges.
We must emphasise that there will be very little change in your relationship with us – we will still trade as Mantle Financial Planning, your adviser and administrator will remain the same with contact details unchanged, and most importantly we will still be providing independent financial advice.
This is not a take-over or a merger – this is MFP buying into the regulatory and compliance expertise of Fairstone.
The difference will be that MFP will no longer be directly authorised and regulated by the FCA, but become a trading style of Fairstone. This simply means Fairstone will take overall responsibility for the advice provided by MFP.
We will therefore need to replace your current client agreement with a Fairstone version, which details the full range of services as before and the associated charges, although we do stress that this will not affect your current position. This will be explained in detail at your next review. However, we will be forwarding you a copy for your information as soon as we have full office capabilities after ‘lockdown’.
When it comes to your investments, again, nothing will change. However, in the coming weeks you will see the Mantle name replaced by the Fairstone name on correspondence from your product providers.
Product providers will notify you of this change and this generic letter may even state that we are no longer trading. I can categorically confirm this is not the case and that MFP have simply resigned from the FCA so we can be directly authorised by the Fairstone group.
As a Chartered firm, Fairstone’s code of ethics mirrors that of MFP and their Chartered status demonstrates their commitment to providing the very highest standards of client care.
We greatly value our relationship with you and look forward to continuing to work with you as part of the Fairstone Group.
There will be no change to the tax service department, apart from the fact they will be trading as Mantle & Partners Ltd rather than Mantle Financial Planning.
If you would like to discuss the contents of this letter, please do not hesitate to contact us.
Clive Shaw Colin Caulfield
Chief Executive Officer Director