Network PMN Ltd closes down
PMN, which undertook a strategic partnership with Berkeley Berry Birch last July whereby it would link PMN directly to Berkeley Independent Advisers (BIA), closed its Leicester operation at the end of December.
It is understood a third of the 59 AR firms left PMN to join other networks, while the rest moved over to BIA. But a letter from Network Data sent to all ex-PMN members last week states the ARs should weigh up their options and look to join it if they are looking for stability.
The letter also states that a ‘novation’ agreement, whereby all liabilities for life business and clawbacks are switched over to the new network, has been set up by PMN’s director Dale Knight, ensuring an easier switch for members.
Knight commented: “The plan was always to switch PMN members to BIA, but it’s taken longer than anticipated. We have no alliance with Network Data. A novation agreement is standard procedure in the industry.
“Good luck to Network Data. Everyone is entitled to try and recruit members and ex-PMN ARs have a right to transfer their business to whoever they want. But they need to make sure the right support and opportunities for business development is provided.”
Richard Griffiths, managing director of Network Data, said: “Knight insisted on the novation agreement, which was already in place as one of its ARs was in the process of joining us a while ago. It’s too early to say whether any of its other ARs will be coming across to us.”