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Advice firm LEBC posts £1.1m profit

Advice firm LEBC has posted a 43 per cent increase in pre-tax profits from £769,000 in 2013 to £1.1m last year.

Turnover increased by 9 per cent from £11.3m to £12.3m over the same period.

LEBC group chief executive Jack McVitie says the firm expects greater business volumes following the introduction of the new pension freedoms.

But he warns the company could struggle to recruit “high calibre advisers”  to meet anticipated demand.

The directors’ reports flags other risks to the business, including changes to the Department for Work and Pensions’ view on advice charging in the corporate pensions market and the FCA’s view on conduct risk and “its application to historic advice processes”.

McVitie says: “We are delighted to release these results with their improved performance and we are happy to note that current year trading is ahead of last year, both in terms of turnover and profit.

“The new rules offer a real flexibility for retirement planning.  But the extra choices carry far more personal responsibility for individuals to use their accrued wealth wisely and experienced advisers like ourselves have a crucial role to play.”

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  1. Nice to see that LEBC is now making a decent profit since leaving the Sesame network and joining Tenet. Is it because Tenet allow businesses to develop and expand, while Sesame block the development of business due to heavy compliance issues ?????

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