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Prestbury quits IFA sector

Prestbury has withdrawn from the IFA sector to conc-entrate on mortgages, bla-ming the challenging mar-ket conditions.

Chief executive Lee Birkett says after a stress and risk test assessment with the FSA, it decided that being in theadviser market did not merit the risks involved.

He says: “We deemed it to be too high risk to continue doing this type of business.

“You have got to have a large percentage of wealth management business to play in that arena. It was something we have not been able to consider properly. To be a wealth management player, you need to have a publicly backed institution behind you.”

The firm has also revealed that it is going through a management buyout which would see it removed from Aim.

Birkett says it has decided to take this route to enable it to make a number of acquisitions without the burdens of being a public company.

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