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RSM Tenon cuts pre-tax losses to £7.5m

RSM Tenon made a pre-tax loss of £7.5m for the six months to 31 December, compared to an £83m loss in the same period in 2011.

The professional services firm saw a big reduction in exceptional costs, which fell to £4.5m from £67m in the second half of 2011. It blames the continued losses on the RDR, a ‘flat economy’ and fewer new business wins.

The £4.5m exceptional costs were made up of £1.9m in professional indemnity expenses relating to its financial management arm and £2.6m relating to redundancy costs and professional fees. The firm made around 400 staff redundant in 2011 as part of a cost-cutting programme.

The accounts show it is in dispute with its professional indemnity insurers over a £4.3m FSA settlement dating back to 2010.

RSM Tenon’s huge losses in 2011 were largely due to exceptional items relating to a £63.7m goodwill writedown and FSA settlement costs related to structured product misselling.

RSM Tenon chairman Tim Ingram says: “The firm is now smaller and properly managed.”

Cube Financial Planning co-founder Mike Godfrey says: “It was sensible for RSM Tenon to cut costs and restructure its business in order to get back on track.”


M&G’s Leaviss: The good news from UK’s AAA downgrade

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Neil Liversidge: Advisers of the world, unite

One of my favourite movies is Lawrence of Arabia. At the end of the film, having rid themselves of their Ottoman Turk colonial masters, the Arabs set about fighting amongst themselves. Meanwhile their next set of colonial masters, the British and the French, are waiting and scheming in the wings. There are innumerable historical parallels. […]

The FCA’s five fixes for retirement information

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