Falling redress boosts Chase de Vere profits

Stephen_Kavanagh

Pre-tax profits at Chase de Vere increased by 34 per cent year-on-year, from £4m to £5.4m in 2015.

In addition, fee income grew from £48m to £49m and average fee income per adviser increased from £205,000 to £216,000.

The firm says the improved profit figures are a result of “a combination of a reduction in the annual costs associated with client redress in respect of legacy business, increased revenue and continued control of overheads.”

Following a review of a 2014 settlement with the FCA over the sale of Keydata products, the firm is reducing its provision against claims by £127,000.

Chief executive Stephen Kavanagh says: “As can be seen from these results, any legacy issues of the past are now firmly behind us. We are a strong, robust and profitable company with our focus on providing high quality advice and service to our clients and, with most larger firms now giving restricted advice, we are aiming for Chase de Vere to be the flag bearers of independent financial advice in the UK.”

He adds: ” see further opportunities for expanding both our private and corporate advice services, due in large part to a reducing supply of independent advice on the market. We are using this foundation to grow our business organically and also by hopefully persuading like-minded, service-focused, good quality advisers and adviser firms to come and join us.”