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Closure of Financial Conduct Authority Investigations

19 September 2018

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.

 

The RNS announcement can be viewed here

 

Enquiries:

 

Investor Relations

 

John-Paul Crutchley

+44 20 7002 7016

Media:

 

Vee Montebello

+44 20 7778 9550

Camarco

 

Geoffrey Pelham-Lane

+44 20 3757 4985

Aprio (South Africa)          

 

Julian Gwillim

+27 11 880 0037

 

Notes to editors:

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; Quilter Private Client Advisers; discretionary fund management business, Quilter Cheviot; and Quilter Investors, 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
  • The private client advisers business 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

 

This press release is for journalists only and should not be relied upon by financial advisers or customers.

Please remember that past performance is not a guide to future performance. The value of investments and the income from them can go down as well as up and investors may not get back any of the amount originally invested. Exchange rate changes may cause the value of overseas investments to rise or fall.

This communication is issued by Quilter plc.  Registered office: Millennium Bridge House, 2 Lambeth Hill, London EC4V 4AJ, United Kingdom. Registered number: 6404270.  Registered in England.