Mattioli Woods exits DB transfer market blaming soaring PI costs

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...