2Plan sets aside more than £1m for redress

Pertains to ongoing service charges and asset allocation failure

Sahar Nazir
clock • 2 min read

2Plan Wealth Management has allocated more than £1m to cover compensation payments for clients affected by a rebalancing error and a lapse in ongoing service provision.

Two separate provisions made by the business include one of £558,750 relating to potential redress where financial advisers may not have fulfilled their ongoing service obligations, and another of £501,575 due to a failure to correctly apply the firm's strategic asset allocation on one of its product provider platforms. Both issues were identified through internal reviews, despite what the firm described as "very strong controls" in place. According to the Leeds-based firm's 2024 annual accounts filed with Companies House on Wednesday (16 July), the rebalancing error came from a failu...

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Sahar Nazir
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Sahar Nazir

News Editor at Professional Adviser

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