View more on these topics

Chase de Vere returns to profit

Financial advice-planning-advice-cashflow-analysis

Chase De Vere has posted a profit of £4m for 2014, following a loss of £1.8m in the previous year.

Although administrative expenses climbed from £6.1m to £6.8m, this was offset by a reduction in exceptional costs which fell from £3.7m to £440,000.

The larger 2013 costs included settlements with the Financial Services Compensation Scheme and the FCA over the sale of Keydata products, and a £4m provision for redress related to unregulated collective investment schemes.

This company made a £11.2m pre-tax loss in 2012.

Revenues also improved during 2014, climbing from £46.8m to £48.8m, while the firm was further boosted by the sale of its Sipp and SSAS arm to Barnett Waddingham in September.

Chase de Vere chief executive Stephen Kavanagh says: “We increased our revenue, profitability and adviser productivity, made a dividend payment of £2m to our parent company, while putting the issues related to the sale of Keydata products firmly behind us.”

Recommended

Tracey McDermott FCA 700x450.jpg
13

FCA fines Chase de Vere £560k over £50m Keydata investments

Chase de Vere has been hit with a £560,000 FCA fine for failures surrounding the sale of Keydata products. Between August 2005 and June 2009, Chase de Vere’s advisers sold Keydata life settlement products to 2,806 customers who invested a total of £49.3m. The Financial Services Compensation Scheme has paid compensation to eligible customers up […]

Cash-Money-Currency-700.jpg

Chase de Vere sets aside £4m for Ucis redress

Chase de Vere has set aside £4.1m for redress relating to unregulated collective investment schemes, as it posts a pre-tax loss of £1.2m for 2013. This compares with a £11.2m pre-tax loss for 2012. In its 2013 accounts, published last week, Chase de Vere has set aside £3.3m for “exceptional items”. This includes a £4.1m […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

    Leave a comment