Mattioli Woods has stopped operating in the defined benefit (DB) transfer market blaming the increased cost of professional indemnity (PI) insurance and heightened regulatory scrutiny.
The wealth manager withdrew from the DB transfer advice market in June but, in a trading update released today, it said it had now decided to withdraw completely. It added the area was a small part of its business and its decision was not expected to affect its financial performance. Chief executive Ian Mattioli said: "Following consideration of the increasing costs of PI, additional regulatory controls and the resources we would have to dedicate to a relatively small part of our business we have decided to withdraw from this market and look to vary our permissions with the FCA according...
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