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Bluefin sets aside £7.3m ahead of Ucis misselling review

Bluefin Advisory Services has set aside a total of £7.3m to cover liabilities including the cost of investigating whether its advisers missold unregulated collective investment schemes.

The advice firm’s accounts for 2012, published on Companies House earlier this week, state: “Provision has been made for commitments in connection with the sale of Bluefin Corporate Holdings Limited and for the costs of investigating possible misselling of Ucis by members of the group.

“The company’s regulated subsidiaries carry provisions for the possible redress.”

Bluefin made a pre-tax profit of £22.6m for 2012, compared to a pre-tax loss of £30.5m loss for 2011.

Towry agreed a deal earlier this month to acquire Bluefin’s financial planning arm Bluefin Personal Consulting for an undisclosed sum, which is expected to complete later this year.

Axa sold Bluefin’s corporate arm, Bluefin Corporate Consulting, to Capita in April 2012 for £50m.

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