Bluefin Advisory Services Limited is investigating possible mis-selling of unregulated collective investment schemes by its members and has set aside a provision of £7.3m.
In its 2012 accounts, Bluefin revealed that the £7.3m provision is due to possible mis-selling by its regulated subsidiaries.
The accounts said: “Provision has been made for commitments made in connection with the sale of Bluefin Corporate Holdings Limited and for the costs of investigating possible mis-selling of unregulated collective investment schemes by members of the group, the company’s regulated subsidiaries carry provisions for the possible redress.”
Bluefin Advisory Group made a profit of £22.6m in the 12 months to the end of December 2012 compared to a £30.5m loss in 2011.
Bluefin’s business is now being operated through subsidiaries which are owned by Bluefin Wealth Management Holdings Ltd.
At the end of last year, the group sold its investments in Bluefin Private Client Holdings Ltd, Bluefin Management Services Holdings Ltd and Bluefin Wealth Management Ltd to UK broker SBJ Group Ltd for a total of £3.
On 5 September, wealth adviser Towry announced it is to acquire the business assets and contracts of Axa UK-owned advisory business Bluefin Personal Consulting.
On 23 April 2012, Bluefin sold its corporate advisory business to Capita Life and Pensions Regulated Services Ltd.