Financial services group Brewin Dolphin yesterday said it had stopped roll-out of a major software platform in its discretionary wealth management business.
The firm began integrating the Figaro system in its Stocktrade business in 2011 but said its implementation had been delayed by a “number of issues” with the functionality and robustness of the software.
It said the board had now decided it was no longer an appropriate operating system for its wealth management division.
The firm expected to book a £32 million exceptional pre-tax impairment charge in the second half of the year as a result of the decision.
It said it would be listed as a non-cash item and would have no impact on the group’s regulatory capital position or adjusted pre-tax profit.
Brewin Dolphin said it is in negotiations on £15m of follow-up payments expected in the next 10 years under original software roll-out contracts.
