- Rathbones Group
- 16 June 2026 09:27:29
Source: Sharecast
The FTSE 250 wealth manager said it would carry out a two-year programme to address the review’s recommendations and conduct a targeted review of some clients to assess whether they had received good outcomes.
It also announced a voluntary pause of up to 12 months on onboarding new enhanced due diligence clients, and a pause on accepting inflows into general investment accounts from some existing EDD clients, affecting about 4,700 clients, or 4% of the total.
Rathbones said it expected related costs of £60m net of expected insurance recoveries over two years, while ceasing investment management fees on cash balances from 1 July is expected to reduce 2026 underlying pre-tax profit by about £9m.
“We are committed to operating to the highest standards on behalf of our clients,” said chief executive Jonathan Sorrell.
Rathbones separately appointed Angela Seymour-Jackson and Kathryn Purves as independent non-executive directors, subject to regulatory approval, with Purves joining from 1 July and Seymour-Jackson from 1 October.
Chair Clive Bannister said they would bring “extensive experience across financial services, with deep expertise in commercial, governance, risk oversight and leadership across listed and private equity-backed businesses”.
At 0909 BST, shares in Rathbones Group were down 25.98% at 1,643.01p.
Reporting by Josh White for Sharecast.com.
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