The advisory arm of Merchant House Group has moved to reduce the number of "low profit" advisers operating across the business ahead of the implementation of the Retail Distribution Review (RDR).
Merchant House Financial Services has also reduced its monthly running costs and, for the six months to the end of June, has been buoyed by a 22% increase in revenues against the same period last year. The business said it is making progress towards being RDR-ready by the end of the year, "against a generally accepted opinion that much of the IFA market still has some way to go". AIM-listed Merchant House Group, which also incorporates a structured products and asset management division, made a pre-tax loss of £1.4m - against a £0.5m loss in H1 last year - after charging £0.5m in resp...
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