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Assureweb reveals £3.1m loss

Financial services portal Assureweb made a loss of £3.16m for the last financial year after a £4.6m loss the previous year.

The portal’s financial statements for the year ended May 31 reveals turnover of £5.2m with cost of sales amounting to £2.5m while admin and exceptional costs, including an infrastructure update due early next year, reached £5.9m.

In February, Money Marketing reported chief executive John Spellman as saying: “This year we will break even. Next year, we will make a substantial profit.” Spellman also said he was positive about the revenue prospects for the firm after several years of operating in the red.

Assureweb chief executive Andrew Simon says: “The figures are in line with our expectations and we remain on track to hit our targets in this coming financial year. The losses reported relate to the required investment in our strategic architecture which we expect to begin implementing in the first quarter of 2009.


Sales of IFA businesses hit by long-stop decision

Advisers looking to leave the industry may struggle to sell their firms after the FSA decided against introducing a 15-year long-stop on complaints, says The Money Portal head of distribution strategy Alan Easter.

Gartmore makes two managers redundant

Gartmore has confirmed that the roles of fund managers Ashley Willing and Karl Bergqwist have been made redundant. The two will be in consultation with the company about potentially being deployed to other roles.


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