Among other points, the UK firm said it expects to give an update on a review about historical data and practices as requested by the FCA under its Consumer Duty regime. Assets under management and administration rose, and inflows increased.

Quilter, a London-listed wealth manager, said today that its total assets under management and administration (AuMA) rose 3 per cent in the final three months of 2024 from the previous quarter, reaching £119.4 billion ($147 billion).

The rise in AuMA was driven by net inflows against a background of “broadly neutral markets” and a positive effect from depreciation in the value of sterling, the firm said in a trading update.

Net inflows of £1.960 billion represented 7 per cent of opening AuMA on an annualised basis, rising from 1 per cent a year before. Q4 2024 net inflows rose 30 per cent above the Q3 2024 level, and also beat first-half 2024 quarterly run-rate.

Quilter said that ahead of the 30 October UK Budget, in which finance minister Rachel Reeves announced hikes in tax and borrowing, there was some “asset repositioning as clients accelerated asset disposals ahead of expected changes in capital gains tax and made higher generational wealth transfers, as part of inheritance tax planning.”

The firm said that in its 6 March 2024 preliminary results statement, it made a commitment to carry out a review of historical data and practices across the Quilter Financial Planning network of Appointed Representative firms, following discussions with the UK's Financial Conduct Authority. The firm expects to issue an update on progress about this work on 5 March this year in its preliminary results announcement. The work is in response to the FCA's Consumer Duty programme of changes, introduced at the end of July 2023. The FCA wants information about firms' delivery of ongoing services, for which clients continue to be charged after advice has been given.