Financial planning and investment firm Tilney is working with the Financial Conduct Authority (FCA) in a bid to get approval for its merger with professional services firm Smith & Williamson.
A joint statement from Smith & Williamson and Tilney said, “As part of the regulatory process to approve the transaction, the Financial Conduct Authority has raised a number of issues with the proposed transaction as currently structured.
“As a result, Tilney is engaging with the FCA to seek to address its concerns and understand what requirements need to be met for a new application that are consistent with the strategic rationale and investment case.
“Both parties continue to believe that a merger of Tilney and Smith & Williamson represents a significant opportunity to create the UK’s leading wealth management and professional services business and remain fully committed to the merger.”
