Origen Financial Services has reported a pre-tax loss of £5.6m for 2013 as a result of costs linked to its new restricted arm, Origen Workplace Solutions, and claims relating to “historic sales”.
The Aegon-owned adviser’s annual results reveal losses have increased from £2.9m in 2012.
The firm has made a complaints provision of £747,000 for 2013, more than double the £353,000 provision reported in 2012. Origen says all previously outstanding claims relating to Keydata have now been settled.
Revenue fell from £16.2m in 2012 to £15.9m in 2013, while cost of sales increased from £15.1m to £18.4m.
Origen says: “The main reason for the large loss in 2013 is due to the continued investment to develop Origen Workplace Solutions and the final settlement of claims relating to historic sales.”