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AWD pays out £1.5m in complaints and makes £5.2m provision for 2011

AWD Chase de Vere was forced to pay out over £1.5m settling complaints last year, annual accounts show.

The firm’s accounts for the year ended December 31, 2010 reveal that £1,519,627 was paid from a complaints provision of £4m. The group says £600,000 of this relates to “issues that have a high profile in the industry”.

In May, Money Marketing revealed the firm had upheld at least eight Keydata complaints and paid £200,000 in compensation to one client, with at least seven more referred to the Financial Ombudsman Service.

The company has increased its complaints provision for 2011 to almost £5.2m.

AWD recorded pre-tax profits of £3.2m for 2010 compared with £1.1m during the previous year.


Peter Quinton joins The Retirement Partnership as acting MD

The Retirement Partnership has appointed Annuity Clearing House chairman Peter Quinton as acting managing director. Quinton takes over the role from founder Steve Lewis (pictured), who will become chairman while taking up his new role as head of distribution for LV=’s retirement solutions business. Lewis says: “The Retirement Partnership has achieved a great deal in […]

Time running out for employers on auto-enrolment

The 2008 Pensions Act will be something employers will never forget. The duties laid on over 1.3 million employers in the UK by that seminal act will soon assume a place high up in the priorities of employers, their advisers and the financial services industry. If left too late, it may also consume much of […]


FTSE 100 slumps 4.64% at close as US markets continue to fall

The FTSE 100 closed down 4.64 per cent today and US stock markets fell in morning trades following news of the US Federal Reserve’s economic stimulus. The Dow Jones Industrial Index was down 3.34 per cent to 10,754 by 11.40am while the S&P 500 was down 3 per cent to 1,131. The stimulus plan, called […]

Life cover for life

Jennifer Gilchrist Proposition Lead – Design, Royal London When someone mentions whole of life plans, most people will think of a niche product that serves as an inheritance tax planning tool for high-net-worth clients. And it’s really not surprising they’ve been pigeonholed in that way because before the arrival of RDR in 2013, that’s more […]


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There are 3 comments at the moment, we would love to hear your opinion too.

  1. Prevention is always better than cure, it is cheaper too!

  2. flog it and churn with Chartership as a front???

  3. Oh dear, Mr Kavanagh has done it again. Just last year he was announcing, and I quote, “we are on the cusp of greatness” and now he posts profits nearly 50% lower than predicted 2 months previously, and if truth be told, in the real IFA world, a provision of £5.2m makes it another whopping loss.

    This company is a financial car crash from top to bottom, how on earth can they advise clients about their finances when they can’t manage their own ?

    No doubt, we’ll have another Board restructure, after all its been nearly 6 months since the last Board member went

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