Origen: Multi-million pound claims are former advisers' fault

Poor advice claims that have cost restricted national adviser Origen at least £3m in reviews and redress are the fault of advisers who have exited the firm, not the current team, business development director Mark Pearson has said.

The Aegon-owned whole of market adviser doubled its pre-tax losses to £5.6m in 2013, its accounts revealed in October, which included a provision of £747,000 to cover the cost of all new claims against its advisers, in a review into past advice going back to 2011. It follows an earlier £102,000 provision in 2013 and a £2.2m provision in its 2012 accounts for the review and claims related to advice to invest in failed trade life settlement funds Keydata and EEA, as well as Arch cru. The review, which has now completed, was "frustrating for the current team" of around 62 regualted advis...