Openwork completes 2plan acquisition after FSA approval

Multi-tie network Openwork has finalised its acquisition of 2plan Wealth Management after gaining final FSA approval.

The deal was originally announced in September last year. The regulator gave the go ahead on 5 July.

Any new whole-of-market advisers joining Openwork will now become advisers of 2plan.

Mary-Anne McIntyre, who was recently appointed CEO of Openwork, said: "The approval will allow us to drive ahead with developing our IFA strategy and realising the potential of the business to widen our proposition."

Chris Smallwood, chief executive of 2plan Wealth Management, added: "In our view the now wider Openwork Group has the right strategy and business model to thrive both now and following the introduction of the RDR and we look forward to helping to develop its IFA capability in the months and years ahead."

2plan has more than 200 advisers and was founded in 2007 by Chris Smallwood and Chris Davies.

Standard Life previously had a 15% stake in the firm, before selling it to Openwork.