The deal, subject to FSA approval, will see Caerus assume full control of the PFA business.
The deal, which is subject to Financial Services Authority (FSA) approval, will see Caerus assume full control of the PFA business.
The decision reflects a desire by Paradigm to concentrate on supporting the group’s directly authorised proposition, Paradigm Partners, as well as Paradigm Pensions, Paradigm Mortgages, recently-launched corporate wrap platform Amber, and Tatton.
Paul Hogarth said of the decision: “The PFA network has been an important and successful part of the Paradigm Group for a number of years. However, over the last six months it has become clear that the network would be better served by a business whose future is more closely aligned with this area of the market.
In Caerus we have found such a business which has firms already operating within the PFA network. Caerus not only has the people and processes in place to take on PFA but the leadership that has the vision, skill and experience to ensure the combined proposition becomes a major force in the network space.”
Caerus founder, Keith Carby, said: “We struck an agreement with PFA in 2010 and made it clear that we would be seeking regulatory permissions after three years.
“Our desire to develop a distinctive, high-quality customer experience meant this was essential. Paradigm’s strategic decision [to sell] gives us the opportunity to make this move a few months earlier than planned.”
