Feifa chief executive Paul Stanfield said: “We have been working informally with Nexus and other networks for quite some time, but recently launched our new Network Membership to enable more formal, professional relationships to be created.
“We are very pleased to have positively completed our due diligence on Nexus and welcome them as our first member of this nature.
“We are regularly contacted by advisory firms and advisers with regards to networks operating across Europe. It became evident that to carry on introducing such entities to a network we needed to be sure that the latter is appropriately regulated, with minimum business standards and processes in place,” Stanfield added.
“We hope that other networks will see the benefit of this and be prepared to undertake our due diligence process so that we can introduce advisers to them as well, where appropriate.”
EU passporting
Nexus director Robert Mancera added: “We have seen increased interest in our network over the last 12 months in particular, no doubt at least partly due to ever-growing regulatory burdens.
“Our ability to provide both IDD and Mifid II licencing throughout the EU via passporting is proving to be very beneficial to advisers working within our network.”
Nexus Global specialises in providing a regulatory platform and compliance support to IFAs and intermediaries, enabling them to trade under their chosen brand while meeting the regulatory requirements of European Economic Area financial regulators.
Feifa’s core members are English-speaking financial advisory businesses and advisers active across Europe. They cumulatively advice on assets in excess of €5bn (£4.4bn, $5.8bn).
