Openwork posts £13m loss after RDR investment

Accounts for the year ending December 2011, to be released later today, will show the group spent £7m implementing its RDR policy, including the retraining of its staff. Openwork also wrote down £6m of assets after overvaluing some of its IT and infrastructure in previous accounts. These figure aside, the network made an overall loss of £0.3m. Openwork itself made a profit of £1.3m, while 2Plan Wealth Management - that the firm acquired for nothing in September 2010 - made a loss of £1.6m. CEO Mary-Anne McIntyre said the results were in line with the firm's expectations. READ: I...