Half Year Results 

Quilter ups Lighthouse provision

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.

To continue reading, subscribe today

and enjoy unlimited access to the following:

  • Tips of the Week
  • Funds coverage
  • Weekly features on big investment themes
  • Trading ideas
  • Comprehensive companies coverage
  • Economic analysis
Subscribe
Subscribe to Investors Chronicle

Subscribe today

Full access for just £3.37 a week:

• Tips and recommendations - to beat the market 
• Portfolio clinic & Mr Bearbull - build a well-planned portfolio 
• Expert tools - track and manage investments effortlessly
• Plus free delivery to your home or office

Subscribe Now