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...
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
