|
Fiske PLC on Wednesday said it has agreed to new restrictions with the UK’s Financial Conduct Authority following a review of its investment management controls, but added that it delivered stronger trading in its latest financial year. Shares in Fiske were dropped 23% to 60.00 pence each in London on Wednesday afternoon. The London-based stockbroker and investor said the voluntary requirement with the FCA places limits on onboarding new clients who are not already connected to existing ones and restricts some transfers of company assets. The company stressed that the measure does not affect its ability to continue servicing existing clients or paying dividends. The FCA action follows a skilled person review of Fiske’s systems and controls over its investment management activities. Fiske said it has begun an agreed programme of improvements and is cooperating fully with the regulator, with the aim of lifting restrictions ‘as soon as possible.’ Separately, the company reported that revenue in the year to June 30 rose 6% to £7.9 million, while pretax profit increased 43% to £1.4 million. The company ended the year with more than £6.5 million in cash and net assets above £11 million. It noted additional compliance costs weighed on operating profit in the second half, linked to new consumer duty requirements and upgrades to compliance systems. Chief Executive Officer James Harrison said the board remains confident about Fiske’s ability to manage portfolios and deliver returns for shareholders despite the temporary limits, which it expects to have a ‘minimal effect’ on business. Fiske expects to publish its final results before the end of October and will confirm whether it will recommend a dividend at that time. Copyright 2025 Alliance News Ltd. All Rights Reserved.
|
