Lighthouse sets aside £2.5m for customer redress

The group has made the provision for Falcon IFA, which had been trading for 28 years but has now been "rationalised" with LighthouseXpress, another network proposition, to form Lighthouse Adviser Services. Group executive chairman, David Hickey, said a portion of the £2.5m was to cover what he said would be certain claims from clients against Falcon advisers over the next five years. He would not disclose how much of the provision was for redress and how much for expenses related to the closure of the company. "Falcon's been around for three decades," he said. "There is no cap in t...