Honister Capital is setting aside £3m to cover the costs of a past business pension switching review.
The firm’s accounts for 2010 reveal the move which comes in response to the FSA’s thematic review of pension switching.
The company says: “The FSA review has sector wide implications and we have created a provision of £3m to cover the cost of reviewing advice and for any potential redress payments to clients.”
The firm announced this week that chief executive Mark Lund has been replaced by chief operating officer Richard Pearson.
Honister Capital, which includes Honister Partners, Burns Anderson, Sage Financial and Willis Owen, made a pre-tax profit of £4.3m in the 15 months to September 2010 since inception, following the administration of The Money Portal.