Chase de Vere today announced steep losses for 2012 of £11.2m, impacted by the £14.4m set aside to cover the costs of its Keydata legal battle and compensating clients sold Arch Cru and payment protection insurance.
A provision of £2.1m represents the expected cost of settling claims from clients related to the failure of Keydata. A figure of £0.7m is related to Arch Cru legal fees and AWD is among the firms defending its advice against attempts by the FSCS to clawback compensation it has paid out to AWD investors. Other regulatory obligations are cited as being the Financial Services Compensation Scheme (FSCS) levy and Payment Protection Insurance (PPI) complaints. The £11.2m loss in full-year 2012 compares with £1.2m profits in 2011. In a statement related to Keydata the directors said...
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