Fiske PLC Chairman's Statement at AGM (2122Q)
17 Octubre 2019 - 4:30AM
UK Regulatory
TIDMFKE
RNS Number : 2122Q
Fiske PLC
17 October 2019
17 October 2019
Fiske Plc
('Fiske' or 'the Company')
Chairman's Statement at AGM
The Company announces that at the Company's Annual General
Meeting being held today, Clive Harrison, the Company's Executive
Chairman, will make the following statement:
To say we live in difficult times would now be a major
understatement and the source and driving force for the difficult
times can be explained in one word "Regulation". The last two to
three years have seen the largest changes to wealth management, as
private client stockbroking is now called, in a generation. In some
cases the changes are inspired by European regulators and in others
by our own regulator the Financial Conduct Authority. The jury is
still out on whether they will achieve their professed aim, the
protection of the consumer, but it is certain that they have raised
the cost of that protection by a multiple.
And that Ladies and Gentlemen is a large part of the explanation
for the poor results we are reviewing today. Current trading
remains in line with the second half of the year just reported. We
are adjusting as rapidly as possible to the new environment but at
a cost. Ultimately of course the costs will be passed on to the
consumer, but we have sought to minimise raising our charges to our
clients by improving our efficiency and our services, but an
increase in charges is inevitable.
There is, however, a glimmer of light at the end of the tunnel.
We expect to emerge leaner and fitter, with our sound balance sheet
and our very exciting and significant investment in the shares of
Euroclear.
Much time and effort has been devoted in the UK, possibly too
much, to the uncertain impact that BREXIT will have on business. In
our case of course the full impact is uncertain, but would seem
likely to be modest.
The information communicated in this announcement is inside
information for the purposes of Article 7 of Regulation
596/2014.
For further information please contact:
Samantha Harrison, Harrison Clarke - Grant Thornton UK LLP
(Nominated Adviser)
(tel: 020 7383 5100)
Gerard Luchini, Fiske Plc - Compliance Officer
(tel: 020 7448 4700)
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END
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