Brewin takes £32m hit after IT implementation U-turn

Brewin Dolphin has uncovered problems in its software and decided to cease using the system for the firm's discretionary wealth management business.

Brewin began to implement FIGARO software in 2011 as part of its execution-only service Stocktrade and planned to roll it out widely across the group. However, the firm said it had since uncovered a "number of issues with functionality and robustness" which meant it would not be a suitable operating system for the group. Instead, it plans to upgrade current systems which could be achieved without additional capital expenditure. As a result of the decision, Brewin expects to report a £32m exceptional pre-tax impairment charge in the second half of 2014. It is also in talks regard...