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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.

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Comments

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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