Ascot Lloyd has set aside £17m to cover potential client redress after an internal review found cases where it could not evidence sufficient delivery of ongoing advice services.
In newly filed accounts for the year ended 31 December 2024, the private equity-backed consolidator said external consultants had been brought in to "examine historic client data". The review identified instances where the firm could not prove ongoing services had been provided, prompting the provision of £17,045,000 for likely remediation. The Financial Conduct Authority (FCA) wrote to about 20 advice firms in February 2024, including Ascot Lloyd, seeking information on ongoing servicing. The firm said it had responded to the request and committed to a remediation plan. Customers consid...
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