True Potential Wealth Management (True Potential WM) has reported an operating loss of £243.3m for 2024 compared to operating profit of £9.9m the previous year due to “significant” exceptional costs linked to the onboarding of client investments.
Latest accounts show it booked £250.3m in exceptional costs for the year, including a major provision for client redress following a skilled person review into onboarded investments. The Newcastle-based firm, part of True Potential group, said the review identified cases where some clients' investments "were not appropriately transferred into the partnership due to payments made to advisers", leading to a £95.5m provision to cover potential redress. A further £148.2m impairment was made against client onboarding assets, True Potential WM said. "Management has therefore undertaken a...
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