Rathbones Group CEO Jonathan Sorrell has said the Financial Conduct Authority’s Skilled Person Review is likely to delay the wealth manager’s growth ambitions by around a year but insisted the work will ultimately strengthen the business.
Publishing its interim results this morning (29 July), Rathbones reported a 16% increase in pre-tax profit to £72m for the six months to 30 June, despite booking £19m of costs related to the FCA review. Funds under management and administration rose 10.7% year-on-year to £120.7bn, although net outflows continued and the group warned it expects around a £9m hit to second-half income and operating profit from the restrictions imposed following the regulator's intervention. In June, Rathbones pushed pause on taking on high-risk clients and will embark on a two-year programme of work afte...
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