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 ...
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