Quilter has set aside £76m in remedial costs as part of its ongoing advice review, following increased regulatory scrutiny of historical charging practices by fund managers.
The announcement was made in its full-year report for the year ending 31 December 2024, released today (5 March). It reflects the estimated cost of potential client remediation, including interest and associated expenses.
Quilter said it also “has the ability to seek appropriate reimbursement from the relevant advisers who have been unable to demonstrate that the ongoing servicing paid for by the client was provided”.
The Financial Conduct Authority’s skilled person review runs across its Quilter Financial Planning network of appointed representative firms, which offers advice on mortgages, protection and investments.
The firm said it expects the review to be completed in the second half of this year.
Elsewhere, the company reported a strong financial performance, with significant growth in assets under management, profitability and efficiency gains.
The company’s assets under management and administration (AuMA) increased by 12% to £119.4bn, supported by net inflows of £5.2bn and favourable market conditions.
Core net inflows accounted for 5% of opening AuMA, with the final quarter delivering the strongest performance of the year. Adjusted profit before tax rose by 17% to £196m, with an operating margin of 29%, surpassing the company’s 2025 target of 25%.
Revenue increased by 7% year-on-year to £670m, while cost growth was contained at 3%, totalling £474m. The company’s simplification programme contributed to these efficiency gains, achieving £35m in run-rate savings, with a further £15m expected by the end of 2025.
