Update on the provision of pension transfer advice
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4 June 2018 |
Mattioli Woods plc
("Mattioli Woods" or "the Group")
Update on the Group's provision of pension transfer advice on safeguarded benefits
Mattioli Woods plc (AIM: MTW.L), the specialist wealth management and employee benefits business, provides an update on its provision of pension transfer advice to individuals with safeguarded benefits.
The Financial Conduct Authority ("the FCA") has been conducting an industry wide review of the advice being provided on transfers from defined benefit ("DB") to defined contribution ("DC") schemes since October 2015 ("the Review").
The Group has been in dialogue with the FCA during the Review and, in the context of that dialogue, the Group is currently undertaking a full review of its work in this area. While this review is in progress the Group has taken the decision to cease providing advice in relation to the transfer of safeguarded benefits.
The impact of this decision on the Group's financial performance is not expected to be material, with pension transfer advice to individuals with safeguarded benefits contributing approximately 1.6% of direct revenues, and less to profit given the significant compliance costs associated with this activity, in the 11 months ended 30 April 2018.
Current trading remains in line with expectations and the Group will release a full trading update on 4 July 2018 in advance of its final results for the financial year ended 31 May 2018.
- Ends -
For further information please contact:
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Mattioli Woods plc |
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Ian Mattioli MBE, Chief Executive |
Tel: +44 (0) 116 240 8700 |
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Nathan Imlach, Chief Financial Officer |
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Canaccord Genuity Limited |
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Sunil Duggal, Investment Banking |
Tel: +44 (0) 20 7523 8000 |
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Andrew Buchanan, Corporate Broking |
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Margarita Mitropoulou, Corporate Broking |
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Media enquiries:
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Camarco |
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Ed Gascoigne-Pees |
Tel: +44 (0) 20 3757 4984 |
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Notes to editors
Mattioli Woods is one of the UK's leading and fastest growing providers of specialist pension, wealth management and employee benefit services. Its core pension and wealth management offering serves the higher end of the market including controlling directors and owner-managed businesses, professionals, executives, and affluent retirees. Its comprehensive range of employee benefit services is particularly suitable for medium-sized to larger corporates.
The Group's broader wealth management proposition has grown from its strong pensions advisory and administration expertise, with a client base of over 10,000 self-invested personal pensions ("SIPP") and small self-administered pension schemes ("SSAS") throughout the UK. The Group's total assets under management, administration and advice are in excess of £8.3 billion.
Mattioli Woods has a focus on holistic planning and providing the highest level of personal service, maintaining very close relationships with all its clients. The strength of its personal relationships has led to high levels of client satisfaction, retention and referrals.
For more information, visit www.mattioliwoods.com.
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
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