Quilter is set to spend £76m on customer remediation as a result of its ongoing advice review which is expected to complete in the second quarter of the year, latest results reveal.
It's preliminary results for the year ended 31 December 2024 said the review was well advanced and had found that "except in limited cases, where clients have paid for ongoing service, this has been provided". However, the business said it had made a £76m provision for client remediation. The business noted the Financial Conduct Authority (FCA) announcement on the progress of its work in the area on 24 February. The FCA said it has not identified a "systemic" issue but would look at reviewing rules. The ongoing advice service review sent shockwaves through the market on launch last...
To continue reading this article...
Join Professional Adviser for free
Signup and gain exclusive members-only insights
- Unlimited access to real-time news, industry insights and market intelligence
- Stay ahead of the curve with spotlights on emerging trends and technologies
- Receive breaking news stories straight to your inbox in the daily newsletters
- Make smart business decisions with the latest developments in regulation, investing retirement and protection
- Members-only access to the editor’s weekly Friday commentary
- Be the first to hear about our events and awards programmes
