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Quilter ups Lighthouse provision

The wealth manager's fortunes fluctuated over the first half
Quilter ups Lighthouse provision

A mixed bag for Quilter (QLT) at the half-year mark, with a pronounced step up in client inflows tempered by a doubling in provisions to compensate British Steel workers who were advised to transfer out of their defined-benefit (DB) pensions by Lighthouse, an advisory network acquired by the wealth manager midway through last year for £42.2m. The Financial Conduct Authority (FCA) is currently looking into the issue, so Quilter has set aside £24m in aggregate to cover balance sheet adjustments and a charge on the P&L account.

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