Personal Touch profits rise; incurs additional £154k in claims costs

The firm, which scaled down the number of advisers in its network last year, made an extra £47,000 provision after paying out £108,000 in professional indemnity insurance excess during the year. The extra £47,000 has been added to the previous balance of £630,000, leaving a total amount of £677,000 the firm believes it will face in specific claims already brought in relation to mortgages, protection and investments & pensions. The company's pre-tax profits increased from £399,000 in 2012 to £483,000 in the year despite a dramatic fall in adviser numbers and turnover. The network's ...