Restricted advice wealth manager 2plan, part of the Openwork Partnership, said it will restart its commitment to growth after the Voluntary Requirement (VREQ) imposed on it in 2024 was lifted by the FCA following a review.

The VREQ was put in place following the firm’s rapid expansion in 2024 and earlier.

The number of advisers in the network grew by 146 to 593 in the 12 months to February 2024, reaching 679 advisers and 279 firms during the year.

According to the FCA: “In instances where we have evidence that a firm is not meeting our standards, we may invite it to sign a voluntary requirement (VREQ) which prevents ongoing harm to consumers or markets. For example, where we have evidence a firm has inadequate systems and controls, we may invite it to sign a VREQ that they will not accept new business until the issue is resolved.”

2plan said the VREQ allowed various aspects of the central operations to be resourced and managed in a way that is now “future proof.”  It said it now has the "capacity and bandwidth to accommodate the future plans for growth in adviser and firm numbers, while meeting the needs of customers."

Launched in 2007, 2plan specialises in wealth management services for private investors and corporate clients and offers pensions, investments, insurance and mortgage business. It operates nationally.

Openwork director Claire Limon became managing director of 2plan Wealth Management in February 2024 as part of plans to bring Openwork and 2plan much closer together.

The business said the timing of today’s news means there can be further synergies across the group. It said recruitment is “now firmly back on the agenda.”

Claire Limon said: “The team at 2plan has worked so hard together over the last six months to bring the business in line with where it needs to be to move forward confidently and importantly, safely.

“As one of the largest networks of IFAs in the country, we take our responsibility to build a robust and resilient business very seriously and have been working with the regulator, strategic partners and colleagues to strengthen our core business.”