Wealth consolidator says FCA delays are affecting acquisitions

Changes to regulatory authorisation procedures is to affect the acquisition-led strategy of wealth firm consolidator AFH Financial, the company has said.

AFH has made eight acquisitions over the past nine months but said in its annual results today that completion of “several” transactions had been delayed by the increased time required by the FCA to transfer advisers’ authorisations to the company. The group, which has £1bn in funds under management, reported a 40% increase in revenue in 2014 to £15m - though profits remained flat due to the cost of listing on  AIM - and said revenue growth in the first half of 2015 would slow as a result of this trend. Chief executive Alan Hudson said: “A number of acquisitions that were forecast to ...