Foster Denovo posts strong profits for 2012

National IFA Foster Denovo has almost doubled its pre-tax profits to £950,000 for 2012 due in part to its preparation for the retail distribution review (RDR).

The firm reported a profit before tax of £947,000 for the year ended 31 December 2012, an increase on the £552,000 it made over the same period in 2011.

Turnover also increased to £20,850 in 2012 compared to the £18,160 made in the previous year.

Foster Denovo chief executive Roger Brosch said the firm’s transition to the retail distribution review (RDR) had put it in a strong position.

‘During 2012 the company continued to spend considerable time and effort in its preparations for the implementation of the RDR in both employee benefits and individual client markets. The directors believe this work has been successful in ensuring the company meets and continues to meet the new regulatory requirements.’

Brosch said the firm predicted the increase in regulation would lead to consolidation as small firms struggled with the cost complying with new rules.

Further coverage has also been received on  New Model Adviser.