Their client bank consists of <200 households which make up c£50m of FuM. Average OAC is 0.37% and they are currently in the process of increasing clients up to 0.5%. Clients are predominantly based in South Wales with a few dotted around the country.
The business has written 178 DB Pension Transfer of which over 100 were British Steel DBTs. They have gone through the FCA BSPS redress scheme and have been signed off from the FCA review team. As the vendor is looking for an asset sale for ongoing client servicing, you won’t be taking on past initial advice liability.