Mattioli Woods PLC Update on the provision of pension transfer advice (1134Q)
June 04 2018 - 1:00AM
UK Regulatory
TIDMMTW
RNS Number : 1134Q
Mattioli Woods PLC
04 June 2018
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:
Mattioli Woods plc
Ian Mattioli MBE, Chief Executive Tel: +44 (0) 116 240 8700
ian.mattioli@mattioliwoods.com www.mattioliwoods.com
Nathan Imlach, Chief Financial
Officer
nathan.imlach@mattioliwoods.com
Canaccord Genuity Limited
Sunil Duggal, Investment Banking Tel: +44 (0) 20 7523 8000
Andrew Buchanan, Corporate Broking www.canaccordgenuity.com
Margarita Mitropoulou, Corporate
Broking
Media enquiries:
Camarco
Ed Gascoigne-Pees Tel: +44 (0) 20 3757 4984
www.camarco.com
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 GBP8.3 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.
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END
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