Rathbones drops 17% as FCA review hurts profit and halts client flows
Rathbones Group PLC shares slid Tuesday, quoted at 1,614p to sell and 1,620p on the buy side from Barclays, down 334p or 17.11% at 13:45 in London. The stock’s drop was sharp against muted moves in the wider market—FTSE 250 dipped 0.02%, while FTSE 100 gained. Selling picked up after Rathbones said a Skilled Person Review found “areas for improvement” in its UK Wealth Management business, pointing to compliance systems and Consumer Duty issues. Rathbones shares fell after the firm flagged two issues investors track—client inflows and clarity on earnings. The company will stop taking new clients who need Enhanced Due Diligence, a process for higher-risk accounts, for as long as a year. Those clients brought in about £370 million