National IFA Chase de Vere managed to claw its way back towards the black last year, but has been forced to set aside millions to deal with complaints from unhappy clients.
Chase de Vere reduced its losses before tax to £1.8m for 2013, down from £11.2m in 2012. But the firm was forced to make a provision of £3.9m for 'exceptional costs', down from £14.4m in the previous year, meaning underlying profits fell from £3.2m to £2.1m in the first 12 months post-Retail Distribution Review (RDR). These costs relate to an "increase in the volume of complaints" about now distressed unregulated collective investment schemes (UCIS), it said. The firm said it had been faced with a challenging environment but is "incredibly well positioned to be successful going for...
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