PosSol losses hit £7m in 2009

The Aegon-owned national IFA experienced a total pre-tax loss of £7.36m last year, compared to a profit of £5.7m in 2008, despite profit margins remaining at 18%. It says it used the strong financial position accrued in 2008 to write off a deferred £5m tax from 2005 linked to the accounting treatment of its now-defunct share option business, Prophitshare. It also cited "a challenging year" of higher regulatory fees, including £1m paid to the FSCS for the industry's exposure to failed firm Keydata. However, 2009 turnover also decreased, dropping 15% to £85.1m, due to a depressed hou...