Rathbones faces million-pound hit from second FCA order

Rathbones face another multi-million pound hit after a second Financial Conduct Authority order into the wealth manager. Rathbone s subsidiary, Vision Independent Financial Planning, has received a Section 166 notice from the City watchdog, which requires the FTSE 250 firm to conduct a Skilled Person review into the business. The order forces businesses to appoint independent advisers to carry out a probe into the operations of the company and is used to determine whether the regulator will take enforcement action. According to law firm Mills Reeve, a s166 notice provokes fear in the hearts of financial organisations as it indicates that your firm’s risk and compliance monitoring has gone awry in the eyes of the FCA. The provision is estimated to cost Rathbones £2.5m. The business future pre-tax profit is also expected to reduce by £4m from 2027 onwards due to the decline in the number of adviser firms working with them. Rathbones will continue to manage its £1.9