Paul Beard
Founder & Executive Chairman
The principal activity of the group during the year continued to be that of providing independent financial
The year in question was generally accepted as a difficult economic climate; with this as a backdrop together
with a considerable amount of the Group’s resources being taken up with the planning for, and implementation
of, the new FSA post RDR rules on the 1st January 2013, we performed well in achieving a total revenue only
slightly down at
(2010/11 - £2,081,016).
More importantly however operating profit increased by 2.9% to
(£95,638) with profit after taxation
remaining consistent at
One major component of the new regulatory regime was the requirement for all our registered advisers to gain
a new threshold of qualifications by the 31st December 2012; this meant that many of them had to undertake
(successfully) three or four sets of exams. Additionally, that new systems and procedures had to be put in
place to deal with the move from commissions to fees on investments business, with the attendant revision of
all compliance, pre and post-sale documentation brochures and supporting material.
Under these circumstances to have achieved virtually the same level of total revenue whilst increasing profits
is, I believe a creditable performance and justification for the diverse nature of the Group’s business.
“It is with particular pleasure that I
present the Report and Accounts for
the Group in respect of the year ending
30 November 2012, given that during
the year in question we celebrated the
25th anniversary of the business.”
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