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Bradbury Hamilton profitability doubled, MD says

Bradbury Hamilton profitability doubled, MD says

Financial advice firm Bradbury Hamilton has seen its turnover go up by more than 10 per cent and its profitability more than double this year, according to its managing director.

Sheriar Bradbury said the reason for this was because his London-based company had slowed down its acquisition activity since January.

He said: “We have not done an acquisition since March last year, and what we are doing at the moment is consolidating what we have already got.

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“That has given us a level of focus. We are still looking for acquisitions but not as actively as we were before, and as a firm we would be looking for something very straightforward and quite simple.”

Despite this slowdown in acquisitions, Mr Bradbury said his firm was looking to hire senior advisers.

He also criticised this year’s FSCS levy, which has seen his firm’s bill double to around £50,000.

Mr Bradbury said: “The firms doing something right are having to pay the bills for the ones that have ended up with liabilities in some way.

“As it stands at the moment, it is a failing system because by its very nature it is unfair.

“If you are somebody like us you have got huge overheads on support staff to make sure we are providing proper services, and you are aware of compliance risk, but someone else could be making money out of something problematic, put their company into liquidation and leave the bill to someone else.”

The FCA is due to start its triennial review into the FSCS and has said it will be publishing a discussion paper on the review later this year to seek views from stakeholders.

There will then be a consultation paper and final policy recommendations in 2016.

A spokesman for the FSCS said: “The FSCS has a duty to pay compensation claims as they fall due.

“The annual levy allows us to compensate consumers, and as a result, make a valuable contribution to consumer confidence.”

Background

Sheriar Bradbury founded Bradbury Hamilton in 1993 after leaving Berkeley Morgan where he was an IFA.

In 2014 the firm purchased Leeds-based SBB Consulting which marked the firm’s 48th acquisition since its birth.

Last year Bradbury Hamilton saw its turnover increase 42.2 per cent to £2.25m for the 12 months to the end of September 2013.