Rathbones drops after FCA probe leads to £60mn charge, halts new client intake
Rathbones shares fell nearly 16% in London after a regulatory update revealed a skilled person review flagged issues in its UK Wealth Management unit. The company expects £60 million in non-underlying costs over two years and a £9 million hit to 2026 underlying pre-tax profit from new pricing. The FCA told Rathbones to improve compliance and controls. Investors await interim results on July 29.