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.