Wealthtime swings to £10m loss after setting aside £7.5m for legacy asset complaints

Platform firm moves forward with Wipro-led transformation despite fall in profitability

Sahar Nazir
clock • 2 min read

Wealthtime reported a £10m pre-tax loss for 2024, after setting aside £7.5m to compensate customers in relation to legacy assets bought on its platform prior to 2017.

The adviser platform, formerly Novia, which last year posted its first pre-tax profit in three years, confirmed the loss in its financial results for the year ending 31 December 2024. The compensation programme commenced during the year and stems from a provision originally recognised in 2022, the results said. A Wealthtime spokesperson confirmed to Professional Adviser: "As previously specified, in 2022, Wealthtime recognised a provision to compensate customers in relation to legacy assets bought on the platform prior to 2017. "The compensation programme commenced in 2024, with a ...

To continue reading this article...

Join Professional Adviser for free

  • 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

Join

 

Already a Professional Adviser member?

Login

More on Your profession

FSCS pays out more than £125m for unsuitable advice

FSCS pays out more than £125m for unsuitable advice

Unsuitable investment, pension and SIPP advice drive 2025/26 compensation costs

Isabel Baxter
clock 02 July 2026 • 2 min read
Why multigenerational engagement is becoming a competitive advantage for advisers

Why multigenerational engagement is becoming a competitive advantage for advisers

'Technical planning alone is no longer enough'

Jordan Wheatley
clock 02 July 2026 • 4 min read
Advice 2036: The decade we finally fixed the plumbing

Advice 2036: The decade we finally fixed the plumbing

Rory McLaren hops in his time machine to 2036 and reflects on what the advice profession got right in 2026...

Rory McLaren
clock 02 July 2026 • 4 min read