The Retail Distribution Review (RDR) has "intensified the competitive environment", according to wealth manager Brewin Dolphin, as it announces profit before tax for the year to September was 4% down on the previous year.
Pre-tax profits were £28.6m, down from £29.9m for the year ended September 2012, which Brewin attributed to "significant restructuring costs" and provisions for onerous contracts - where the costs involved with fulfilling the terms and conditions of the contract are higher than the amount of economic benefit received. It was also impacted by a £1.1m additional Financial Services Compensation Scheme (FSCS) levy. Brewin views personal financial services as a growth market with good long term prospects and increasing demand as society becomes more self-reliant in areas such as retirement...
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