Personal Touch halves claims buffer in quality advice push

Carmen Reichman
clock

Adviser network Personal Touch has almost halved the amount of money it has set aside for settling complaints after paying out more than £256,000 in the last year.

The firm's cash buffer for settling anticipated client complaints in the coming two years reduced by 46% in 2014, down from £677,000 in the beginning of the year. The network said it has de-risked during the past three years to reduce customer complaints and provider clawbacks. It also restructured the way it collects membership fees by introducing quality-based criteria which contribute to determine the fees. Related reading: Personal Touch to subsidise members' regulatory fees The network said its "careful risk management" led to a 50% fall in the number of complaints reac...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

SDR extension plans will ensure 'uniform standard' for portfolios

SDR extension plans will ensure 'uniform standard' for portfolios

'Retail-focused firms are also facing a short timeline to prepare'

Cristian Angeloni
clock 24 April 2024 • 4 min read
FCA proposes advisers and platforms 'must' communicate SDR labels

FCA proposes advisers and platforms 'must' communicate SDR labels

Distributors also must provide access to consumer-facing disclosures

Isabel Baxter
clock 23 April 2024 • 1 min read
Scenario modelling: Meeting the FCA's retirement expectations

Scenario modelling: Meeting the FCA's retirement expectations

Meeting regulatory standards and maximising good client outcomes

Stephen Ford
clock 22 April 2024 • 5 min read