Bower Retirement Services’ acquisition of IFA Sixty Plus has been scrapped after the advice firm decided to pull out.
Bower announced in March it was to take over Sixty Plus, which operates exclusively in the equity release market.
Bower expected to take over the firm’s team of advisers, including managing director David Wright.
But in a statement issued on 10 April, the firm said Wright has decided to remain an adviser under his own company brand of Sixty Plus for “personal reasons”.
The decision is effective immediately, the note said.
It said: “David’s decision resulted from his own personal reasons and has no reflection on Bower or the directors whatsoever.
“Bower wishes David the best of luck for the future with Sixty Plus, at a time when quality equity release advice is becoming ever more important.”