Closure of FCA Investigations

RNS Number : 2500B

Quilter PLC

19 September 2018

 

For Immediate Release

 

19 September 2018

Quilter plc

Closure of Financial Conduct Authority Investigations

Quilter plc ("Quilter") notes the announcement by The Financial Conduct Authority ("FCA") this morning that its remaining investigations into firms, following its thematic review into the fair treatment of longstanding customers in the life insurance sector, have each been closed.

The FCA has stated that the conduct of Old Mutual Wealth Life Assurance Limited ("OMWLA"), a wholly owned subsidiary of Quilter, did not warrant enforcement action. The FCA has also stated that, as with other firms that were subject to the investigation, some issues have been identified during the investigations, and these are being addressed with the FCA as part of the ongoing supervision of OMWLA.  OMWLA's voluntary remediation programme announced in March 2018 continues and is unaffected by today's announcement.

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Enquiries:

Investor Relations
John-Paul Crutchley	[phone]
Media:
Vee Montebello	[phone]
Camarco
Geoffrey Pelham-Lane	[phone]
Aprio (South Africa)
Julian Gwillim	[phone]

About Quilter plc

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees £116.5 billion in customer investments (as at 30 June 2018).

It has an adviser and customer offering spanning: financial advice; investment platforms; multi-asset investment solutions and discretionary fund management.

The business is comprised of two segments: Wealth Platforms and Advice and Wealth Management.

Wealth Platforms includes the Old Mutual Wealth UK Platform; Old Mutual International, including AAM Advisory in Singapore; and the Old Mutual Wealth Heritage life assurance business.

Advice and Wealth Management encompasses the financial planning network, Intrinsic; Old Mutual Wealth Private Client Advisers; discretionary fund management business, Quilter Cheviot; and the Multi-asset investment solutions business.

The Quilter plc businesses are being re-branded to Quilter over a period of approximately two years:

·     The Multi-asset business is now Quilter Investors

·     Intrinsic to Quilter Financial Planning

·     Private Client Advisers is now Quilter Private Client Advisers

·     The UK Platform to Quilter Wealth Solutions

·     The International business to Quilter International

·     The Heritage life assurance business to Quilter Life Assurance

·     Quilter Cheviot will retain its name

 

 

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