Quilter sets aside £12m to cover Lighthouse BSPS DB transfer claims

Quilter bought Lighthouse Group in June last year bringing an additional 390 advisers to the firm's growing adviser operation. However, an affinity deal between Lighthouse and the steelworkers' union resulted in 300 DB transfers which are now being re-examined. Quilter, which saw pre-tax profit for the group grow 3% to £182m up from £176m in 2018, said this morning (11 March) fairness to customers was its highest priority. Of the 300 transfers, about 80 were undertaken prior to June 2017 after which the transfer values of the pension scheme were fundamentally enhanced. The results sai...