Quilter has appointed a “skilled person” to carry out a review of its ongoing charges after being pulled up by the FCA.
The firm first announced it was one of 20 large firms the regulator wrote to following concerns over ongoing advice services in its preliminary results in March.
The firm revealed it was approached by the FCA and that it was now reviewing its past practice and data.
In its first quarter trading statement, published today (April 24), it said this review will be carried out by a skilled person after speaking with the regulator.
The firm said: “The purpose of this review is to determine if the AR firms have met their ongoing servicing obligations to customers and, if not, remediate customers to the extent appropriate.
"Following discussion with the FCA, the review will be conducted by a skilled person.
“This is expected to commence shortly, and we will update the market on the outcome of the review in due course.”
The results also showed the group had assets under management and administration of £111.6bn at the end of March 2024 up by 5 per cent on 31 December 2023 levels.
Gross flows into the firm’s platform increased by 25 per cent and it saw its best year since 2018 with £1bn of inflows during Q1.
Chief executive, Steven Levin, said: “We are particularly pleased that our platform achieved net flows of over £1bn during the quarter, representing the strongest quarter for platform net inflows during our time as a listed company.
“Moreover, a 41 per cent year-on-year growth in first quarter gross new business from IFAs in the affluent segment led to an over 400 per cent increase in net inflows from IFAs onto the Quilter platform in the quarter.”
tara.o'connor@ft.com
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