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QLT Quilter Plc

120.60
2.10 (1.77%)
Last Updated: 13:31:35
Delayed by 15 minutes
Share Name Share Symbol Market Type Share ISIN Share Description
Quilter Plc LSE:QLT London Ordinary Share GB00BNHSJN34 ORD 8 1/6P
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  2.10 1.77% 120.60 120.50 120.70 120.60 117.70 119.00 320,238 13:31:35
Industry Sector Turnover Profit EPS - Basic PE Ratio Market Cap
Finance Services 4.49B 42M 0.0299 40.20 1.66B

Quilter PLC Annual Financial Report and Notice of Meeting (8919F)

24/03/2022 11:00am

UK Regulatory


Quilter (LSE:QLT)
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TIDMQLT

RNS Number : 8919F

Quilter PLC

24 March 2022

24 March 2022

Quilter plc

Annual Report and Accounts 2021 and Notice of Annual General Meeting 2022

Quilter plc (the "Company") announces that copies of the following documents have been submitted to the National Storage Mechanism and will shortly be available for inspection at http://data.fca.org.uk/#/nsm/nationalstoragemechanism :

   1.   Annual Report and Accounts 2021 (the "2021 Annual Report"); 
   2.   Notice of Annual General Meeting 2022 (the "Notice"); and 
   3.   Forms of Proxy for the Annual General Meeting 2022. 

These documents will be posted to shareholders on Tuesday 5 April 2022. The 2021 Annual Report is also available to view online at plc.quilter.com/annualreport and the Notice is available online at plc.quilter.com/gm.

Annual General Meeting

The Company's 2022 Annual General Meeting (the "2022 AGM") will be held on Thursday 12 May 2022 at 11:00am (UK time) at Senator House, 85 Queen Victoria Street, London EC4V 4AB. In light of the ongoing risk to public health posed by COVID-19, we will continue to do all we can to take responsible precautions to help protect the wellbeing of each other. We will monitor and follow the UK Government guidelines and update our GM Hub at plc.quilter.com/gm if our AGM arrangements change. Please ensure you check the GM Hub regularly for up to date information about our AGM arrangements.

Key dates for shareholders

The table below shows the key dates for shareholders in respect of the 2022 AGM.

 
                        Posting     Posting    Last day      Proxy date        Record       Date of 
                         record      date       to trade      for registered    date to      2022 AGM 
                         date                   *             holders           attend 
                                                                                and vote 
 Holdings               Friday      Tuesday    -             Tuesday           Tuesday      Thursday 
  on the London          25 March    5 April                  10 May            10 May       12 May 
  Stock Exchange         2022        2022                     2022 at           2022 at      2022 at 
                                                              11:00am           6:30pm       11:00am 
                                                              (UK time)         (UK time)    (UK time) 
                       ----------  ---------  ------------  ----------------  -----------  ----------- 
 Holdings               Friday      Tuesday    Thursday      Tuesday           Tuesday      Thursday 
  on the Johannesburg    25 March    5 April    5 May 2022    10 May            10 May       12 May 
  Stock Exchange         2022        2022                     2022 at           2022 at      2022 at 
                                                              12:00pm           7:30pm       12:00pm 
                                                              (SA time)         (SA time)    (SA time) 
                       ----------  ---------  ------------  ----------------  -----------  ----------- 
 

* Last Day to Trade is applicable only to holders on the Johannesburg Stock Exchange. Holders can trade their shares up to the close of business on this date and thereafter the register is closed for the purposes of determining which holders are entitled to vote in respect of the 2022 AGM.

Market purchase of own shares

Pursuant to Listing Rule 12.4.4, in addition to renewing the Company's existing authority to make market purchases of its own shares, the Company announces that it intends to propose a resolution at the 2022 AGM seeking authorisation to enter into contingent purchase contracts with each of: (a) J.P. Morgan Equities South Africa Proprietary Limited; and (b) Goldman Sachs International. The commercial purpose of this authority is to enable the Company to purchase up to a maximum of 163,812,308 ordinary shares of the Company which are currently listed on the Johannesburg Stock Exchange (such maximum to be reduced by any purchases made pursuant to any general authority of the Company to make market purchases of its own shares).

Full details in respect of the proposed resolution are set out in the Notice.

Additional information

The following information is extracted from the 2021 Annual Report (page references are to pages in the 2021 Annual Report) and should be read in conjunction with the Quilter plc 2021 Full Year Results announcement issued on Wednesday 9 March 2022. Both documents can be found at plc.quilter.com/investor-relations and together constitute the material required by DTR 6.3.5 to be communicated to the media in unedited full text through a Regulatory Information Service. This material is not a substitute for reading the 2021 Annual Report in full.

Principal risks and uncertainties

The Directors have carried out a robust assessment of the principal and emerging risks facing Quilter, including those that would threaten its business model, future performance, solvency and liquidity, as well as those risks that are non-financial in nature. The articulation of these principal risks and uncertainties is consistent with Quilter's Enterprise Risk Framework categorisation, and with the 'Top Risk' reporting that is provided quarterly to the Board Risk Committee and Board.

The Board requires management to put in place actions to mitigate these risks, and controls to maintain risk exposures within acceptable levels defined by Quilter's risk appetite. The table below sets out Quilter's principal risks and uncertainties, including Executive Committee member ownership and key mitigants being implemented by management. The risk trend noted is the residual risk trend (risk after the application of mitigants) during 2021.

During the year we have removed Investment Management risk, given a relative reduction in risks associated with investment management activities as supporting control frameworks have been enhanced. We have added new risks related to Strategic Delivery and Climate Strategy, given the increased impact of both of these risks to Quilter during 2021.

 
 Business and strategic risks 
 Economic           Risk owner       2021 risk trend       Mitigation 
 environment        Chief             Stable               2021 activity: 
 Quilter's          Financial                               *    2021 economic scenario testing at Group and 
 principal          Officer                                      subsidiary level. 
 revenue 
 streams are 
 asset value                                                *    The share buy-back programme was performed in 
 related and as                                                  tranches, to enable Board consideration of market 
 such Quilter                                                    conditions prior to execution. 
 is exposed to 
 the condition 
 of global 
 economic                                                  Planned and ongoing 
 markets.                                                  activity: 
 Whilst market                                              *    Stress and scenario analysis, including in respect of 
 conditions                                                      market shocks. 
 generally 
 stabilised 
 during                                                     *    Ongoing enhanced monitoring of market and liquidity 
 2021 from the                                                   risk exposures. 
 COVID-19 
 pandemic, the 
 evolving 
 Ukraine crisis 
 is having 
 an impact on the 
 economic 
 environment 
 resulting in 
 short term 
 market 
 volatility. 
 Volatility in 
 debt, equity 
 and currency 
 markets may 
 adversely impact 
 customer 
 investment 
 portfolios which 
 in turn impacts 
 Quilter's 
 ability to 
 generate 
 fee-based 
 revenue. 
                   ---------------  ----------------  ---------------------------------------------------------------- 
 Business           Risk owner       2021 risk trend   Mitigation 
 financial          Chief             Stable            2021 activity: 
 performance        Financial                            *    Continued 2021 in-year cost focus, with favourable 
 While the direct   Officer                                   out-turn against plan achieved. 
 impact 
 of the pandemic 
 on business                                             *    Longer-term expense targets established aligned to 
 performance                                                  the strategic Simplification programme. 
 moderated during 
 2021, 
 consequential 
 impacts                                                Planned and ongoing 
 including                                              activity: 
 inflationary                                            *    Propositional activity under Quilter's new segment 
 pressures and an                                             model to drive revenue growth, including Wealth 
 increase                                                     Select+. 
 in the cost of 
 living could 
 impact 
 customers' 
 ability 
 to invest and 
 therefore 
 investment 
 inflows. The 
 Russian invasion 
 of Ukraine 
 creates 
 increasing 
 economic 
 and political 
 uncertainty 
 which could 
 impact consumer 
 confidence. The 
 potential 
 for tax 
 increases as 
 well 
 as direct 
 inflationary 
 impacts could 
 result in 
 adverse cost 
 impacts for 
 Quilter, acting 
 as headwinds 
 to our 
 performance. Any 
 negative impact 
 on earnings, 
 share price 
 and/or capital 
 position could 
 have a resulting 
 adverse effect 
 on Quilter's 
 market 
 credibility and 
 financial 
 standing. 
                   ---------------  ----------------  ---------------------------------------------------------------- 
 Strategic          Risk owner       2021 risk trend       Mitigation 
 delivery (new      Chief             Not applicable       2021 activity: 
 for 2021)          Executive                               *    Sale of Quilter International, and realisation of the 
 Quilter has        Officer                                      post-Listing objective of becoming a modern UK wealth 
 embarked on                                                     manager. 
 an ambitious 
 strategy focused 
 on growth and                                              *    Establishment of the Simplification programme and 
 efficiency,                                                     identification of strategic initiatives. 
 while increasing 
 digitisation 
 and embedding 
 ESG wherever                                              Planned and ongoing 
 possible.                                                 activity: 
 Achieving this                                             *    Full mobilisation of activities to support delivery 
 ambition will                                                   against Quilter's new strategic objectives. 
 require the 
 operation of a 
 robust strategic 
 delivery 
 framework, and 
 investment in 
 capabilities. 
 As we are now 
 embarking 
 on our next 
 strategic phase 
 and with the 
 ambitious 
 programme of 
 work needed 
 to deliver it, 
 we are further 
 increasing our 
 focus in 
 this area. Any 
 failure 
 to deliver on 
 the strategic 
 delivery 
 programme, could 
 expose the Group 
 to competitive 
 risks and impact 
 Quilter's 
 franchise value. 
                   ---------------  ----------------  ---------------------------------------------------------------- 
 Change execution   Risk owner       2021 risk trend       Mitigation 
 Quilter            Chief             Reducing              2021 activity: 
 continues to be    Operating                                *    Successful final PTP migration. 
 subject to         Officer 
 change execution 
 risk given an                                               *    Successful implementation of Workday as a strategic 
 ongoing                                                          platform for HR and Finance activities. 
 programme 
 of material 
 change projects, 
 although the                                               Planned and ongoing 
 maturing of                                                activity: 
 Quilter's change                                            *    Active management and prioritisation of the change 
 execution                                                        portfolio. 
 capabilities, 
 and the 
 successful                                                  *    Enhanced executive oversight and change assurance. 
 completion of a 
 number 
 of key projects                                             *    Disciplined programme and portfolio governance 
 in 2021,                                                         arrangements. 
 including the 
 Platform 
 Transformation 
 Programme, 
 has reduced the 
 impact 
 of this risk. 
 The effective 
 embedding of new 
 technology 
 and process 
 across Quilter 
 is key for the 
 next phase. 
 Any loss of 
 focus on change 
 execution 
 disciplines 
 could 
 impact the 
 delivery of 
 the intended 
 benefits, 
 and risk 
 disruption to 
 continuing 
 operations and 
 the control 
 environment. 
                   ---------------  ----------------  ---------------------------------------------------------------- 
 Climate strategy   Risk owner       2021 risk trend   Mitigation 
 (new for           Chief             Not applicable    2021 activity: 
 2021)              Executive                            *    Climate Risk Appetite statement development. 
 Quilter takes      Officer 
 its 
 responsibility                                          *    Implementation of climate change scenario testing. 
 to the 
 environment 
 seriously,                                              *    Implementation of the required TCFD statement in this 
 and is                                                       document, and the associated TCFD report. 
 determined to 
 play 
 its part in 
 reducing climate                                       Planned and ongoing 
 impacts. In                                            activity: 
 order to do                                             *    Further development of Quilter's climate change 
 this, Quilter                                                strategy including specifying targets. 
 must develop 
 and deliver an 
 achievable, 
 coherent, 
 comprehensive 
 and robust 
 long-term 
 climate 
 strategy to 
 manage climate 
 related 
 financial and 
 non-financial 
 risks. Failure 
 to do so 
 would result in 
 Quilter 
 being unable to 
 meet regulatory 
 and other 
 stakeholder 
 expectations, 
 and fulfil our 
 strategic 
 priority to 
 become the 
 responsible 
 wealth manager. 
                   ---------------  ----------------  ---------------------------------------------------------------- 
 Operational and regulatory risks 
 Advice             Risk owner       2021 risk trend   Mitigation 
 Quilter's          Chief             Stable            2021 activity: 
 financial advice   Executive                            *    Ongoing remediation exercise to address historic 
 services are       Officer -                                 defined benefit pension transfer advice provided by 
 subject to         Quilter                                   Lighthouse to British Steel Pension scheme members 
 fundamental        Financial                                 and some other pension transfer cases, with a total 
 regulatory         Planning                                  provision of GBP29 million held to fund the exercise 
 conduct                                                      and resultant redress to these customers. 
 requirements to 
 assure 
 suitability of                                          *    Ongoing programme of work to enhance the control 
 advisory                                                     environment that supports the delivery of suitable 
 recommendations.                                             advice in the Quilter Financial Planning business. 
 This risk 
 remains elevated 
 and stable, 
 as Quilter                                             Planned and ongoing 
 continues to                                           activity: 
 address historic                                        *    Completion of defined benefit remediation activity. 
 DB to 
 DC transfer 
 advice                                                  *    Further uplifts of controls in operational processes 
 shortcomings                                                 supporting the delivery of suitable of advice. 
 of the acquired 
 Lighthouse 
 Group, as 
 announced by 
 Quilter in 2020. 
 Remediation 
 programmes are 
 ongoing 
 to ensure 
 impacted 
 customers 
 receive fair 
 outcomes and 
 to ensure 
 robustness of 
 the control 
 framework to 
 support the 
 ongoing delivery 
 of suitable 
 advice. Failure 
 to operate 
 effective 
 arrangements 
 to support the 
 ongoing 
 delivery of 
 suitable advice 
 could expose 
 Quilter to 
 risks associated 
 with customer 
 detriment, 
 regulatory 
 censure 
 and remediation 
 programmes, 
 with 
 consequential 
 impacts 
 to the Group's 
 business, 
 financial 
 condition and 
 reputation. 
                   ---------------  ----------------  ---------------------------------------------------------------- 
 Information        Risk owner       2021 risk trend   Mitigation 
 technology         Chief             Stable            2021 activity: 
 Quilter's          Operating                            *    Technology transformation programmes across Quilter 
 business is        Officer                                   have achieved retirement of many legacy systems, with 
 dependent                                                    their replacement by modern cloud-hosted systems. 
 on its 
 technology 
 infrastructure                                          *    Retired systems include legacy UK Platform technology, 
 and applications                                             and supporting systems in HR, Finance and Risk. 
 to perform 
 necessary 
 business 
 functions.                                             Planned and ongoing 
 Much of                                                activity: 
 Quilter's legacy                                        *    Technology transformation continues, with further 
 IT estate is                                                 system retirements. 
 currently 
 being replaced, 
 by cloud-based                                          *    Active systems monitoring. 
 applications, 
 thereby reducing 
 internal                                                *    Technology policy and standards compliance 
 complexity.                                                  arrangements. 
 Nevertheless, 
 a range of 
 legacy 
 applications 
 are still 
 supported, 
 including 
 the technology 
 platform 
 underpinning the 
 divested 
 Quilter 
 International 
 business, 
 which will be 
 supported 
 until 2023 under 
 a Transitional 
 Services 
 Agreement. 
 Failure 
 to manage 
 technology risk 
 could have a 
 material adverse 
 impact on 
 Quilter's 
 business, 
 resilience 
 capabilities, 
 operations, 
 financial 
 condition 
 and reputation. 
                   ---------------  ----------------  ---------------------------------------------------------------- 
 Information        Risk owner       2021 risk trend   Mitigation 
 security           Chief             Stable            2021 activity: 
 Quilter's          Operating                            *    Completion of most elements of the Information 
 business, by       Officer                                   Security Improvement Programme, which has delivered 
 its nature,                                                  uplifted controls, processes and tools. 
 requires it 
 to store, 
 retrieve,                                               *    Cyber attack framework implementation. 
 evaluate 
 and utilise 
 customer and 
 Company data and                                       Planned and ongoing 
 information,                                           activity: 
 some of which is                                        *    Evolution of the information security framework in 
 highly                                                       the context of a cloud-based third-party application 
 sensitive.                                                   ecosystem. 
 Quilter and 
 its service 
 providers are                                           *    Cyber threat defences and monitoring. 
 subject to the 
 risk of 
 information                                             *    Information Security Policy and standards and 
 security                                                     associated compliance arrangements. 
 breaches 
 from parties 
 with criminal 
 or malicious 
 intent. Should 
 intrusion 
 detection and 
 anti-penetration 
 processes 
 not anticipate, 
 prevent 
 or mitigate a 
 network failure 
 or disruption, 
 it may have 
 a material 
 adverse effect 
 on Quilter's 
 customers, 
 business, 
 financial 
 condition, 
 operations and 
 reputation. 
                   ---------------  ----------------  ---------------------------------------------------------------- 
 People             Risk owner       2021 risk trend   Mitigation 
 Quilter relies      HR Director      Stable            2021 activity: 
 on its talent                                           *    Launch of HR Transformation plan. 
 to deliver its 
 service 
 to customers.                                           *    Implementation of Workday HR to enhance HR related 
 People risk                                                  process. 
 has remained 
 heightened 
 during the 
 pandemic as                                            Planned and ongoing 
 Quilter's people                                       activity: 
 have adapted                                            *    Talent management and succession programme. 
 to new ways of 
 working 
 during a period                                         *    Performance and risk-adjusted remuneration 
 of significant                                               arrangements. 
 change. Delivery 
 of Quilter's 
 ambitious new                                           *    Regular employee engagement surveys. 
 strategic 
 objectives will 
 require                                                 *    Quilter's staff wellbeing initiative, 'Thrive'. 
 particular 
 skills and 
 competencies 
 to be 
 successful, 
 including 
 in digital and 
 ESG-related 
 competencies. 
 Failure to 
 attract and 
 retain suitable 
 talent may 
 impact on the 
 delivery of 
 Quilter's 
 strategy 
 and may have an 
 adverse 
 impact on 
 Quilter's 
 business, 
 its financial 
 and operational 
 performance and 
 its delivery 
 of service to 
 customers. 
                   ---------------  ----------------  ---------------------------------------------------------------- 
 Third-party        Risk owner       2021 risk trend   Mitigation 
 Quilter procures   Chief             Stable            2021 activity: 
 certain            Operating                            *    Maturing of the Third-Party Risk Management 
 services from      Officer                                   arrangements, including systemisation of controls 
 third parties,                                               within the Coupa procurement system. 
 which has 
 increased given 
 the significant                                         *    Centralisation of supplier management teams to 
 business                                                     facilitate consistency of approach. 
 process and 
 technology 
 outsourcing to 
 FNZ and                                                Planned and ongoing 
 the deployment                                         activity: 
 of multiple                                             *    Continued evolution of oversight approach, including 
 new cloud-based                                              optimising for cloud-based applications. 
 technologies. 
 If Quilter does 
 not effectively                                         *    Third-Party Risk Management Framework and associated 
 oversee its                                                  policy and standards compliance arrangements. 
 third-party 
 providers, they 
 do not 
 perform as 
 anticipated, 
 or Quilter 
 experiences 
 technological or 
 other 
 problems with a 
 third party, 
 Quilter may 
 experience 
 operational 
 difficulties, 
 increased costs 
 and loss 
 of business, 
 potential 
 customer 
 detriment and 
 damage to its 
 reputation. 
                   ---------------  ----------------  ---------------------------------------------------------------- 
 Operational        Risk owner       2021 risk trend   Mitigation 
 resilience         Chief             Stable            2021 activity: 
 Quilter provides   Operating                            *    Preparation for the March 2022 implementation of the 
 important          Officer                                   enhanced UK operational resilience requirements, 
 services for its                                             including identification of Important Business 
 customers,                                                   Services. 
 and its ability 
 to maintain 
 these services                                          *    Business disruption exercises, including a scenario 
 during                                                       of significant service failure by a strategic 
 unforeseen                                                   supplier. 
 events is key. 
 The continuing 
 COVID-19 
 pandemic has                                           Planned and ongoing 
 provided                                               activity: 
 comfort on                                              *    Business Continuity and Crisis Management Policy and 
 Quilter's                                                    related policy compliance arrangements. 
 ability 
 to operate in a 
 severe                                                  *    Systemised inventories of processes and dependencies. 
 operational 
 resilience 
 scenario. Any                                           *    Resilience plans and resilience testing. 
 failures 
 in Quilter's 
 preparation 
 for, or response 
 to, sudden 
 disruptions 
 could compromise 
 the maintenance 
 of important 
 business 
 services, 
 resulting 
 in the potential 
 for customer 
 detriment, 
 financial loss, 
 damage to 
 reputation or 
 regulatory 
 sanction. 
                   ---------------  ----------------  ---------------------------------------------------------------- 
 Regulatory         Risk owner       2021 risk trend   Mitigation 
 Quilter is          Chief Risk       Reducing          2021 activity: 
 subject to          Officer                             *    Reduced exposure to international regulatory regimes 
 regulation                                                   through sale of Quilter International. 
 in the UK by the 
 PRA and 
 the FCA, and                                            *    Close engagement with regulators on regulatory 
 following                                                    developments including in respect of the FCA's 
 the sale of                                                  Consumer Duty proposals. 
 Quilter 
 International, 
 by a now reduced 
 number                                                 Planned and ongoing 
 of other                                               activity: 
 regulators                                              *    Compliance monitoring programme. 
 internationally. 
 Additionally, 
 the firm                                                *    Regulatory engagement management. 
 is subject to 
 the privacy 
 regulations                                             *    Regulatory horizon scanning. 
 enforced by 
 the Information 
 Commissioner's                                          *    Staff training and staff awareness programmes. 
 Office and 
 international 
 equivalents.                                            *    Regulatory Compliance Policy, as associated policy 
 Quilter faces                                                compliance arrangements. 
 risks associated 
 with compliance 
 with these 
 regulations 
 and to changes 
 in regulations 
 or regulatory 
 focus or 
 interpretation 
 in the markets 
 in which Quilter 
 operates. 
 Failure to 
 manage 
 regulatory 
 compliance 
 effectively 
 could result in 
 regulatory 
 censure, 
 including the 
 possibility of 
 fines or 
 prohibitions 
 which could 
 impact business 
 performance 
 and reputation. 
                   ---------------  ----------------  ---------------------------------------------------------------- 
 

Statement of Directors' responsibilities in respect of the Annual Report and the financial statements

The Directors are responsible for preparing the Annual Report and the Group and Parent Company financial statements in accordance with applicable law and regulations.

Company law requires the Directors to prepare Group and Parent Company financial statements for each financial year. Under that law, the Directors have prepared the Group and Parent Company financial statements in accordance with UK-adopted international accounting standards. Additionally, the Financial Conduct Authority's Disclosure Guidance and Transparency Rules require the Directors to prepare the Group financial statements in accordance with international financial reporting standards as adopted by the United Kingdom.

Under company law, the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the Group and Parent Company and of the profit or loss of the Group for that period. In preparing the financial statements, the Directors are required to:

   -- select suitable accounting policies and then apply them consistently; 
 
   -- state whether, for the Group and Company, applicable UK-adopted international accounting standards have been 
      followed, subject to any material departures disclosed and explained in the financial statements; 
 
   -- make judgements and estimates that are reasonable and prudent; and 
 
   -- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Group 
      and Parent Company will continue in business. 

The Directors are also responsible for safeguarding the assets of the Group and Parent Company and hence for taking reasonable steps for the prevention and detection of fraud and irregularities.

The Directors are responsible for keeping adequate accounting records that are sufficient to show and explain the Group's and the Parent Company's transactions and disclose with reasonable accuracy at any time the financial position of the Group and Parent Company and enable them to ensure that the financial statements and the Directors' Remuneration report comply with the Companies Act 2006.

The Directors are responsible for the maintenance and integrity of the Parent Company's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Responsibility statement of the Directors in respect of the Annual Report and financial statements

We confirm that to the best of our knowledge:

   -- the financial statements, prepared in accordance with the applicable set of accounting standards, give a true and 
      fair view of the assets, liabilities, financial position and profit or loss of the Company and the undertakings 
      included in the consolidation taken as a whole; and 
 
   -- the Strategic Report includes a fair review of the development and performance of the business and the position 
      of the issuer and the undertakings included in the consolidation taken as a whole, together with a description of 
      the principal risks and uncertainties that they face. 

We consider that the Annual Report, taken as a whole, is fair, balanced and understandable and provides the information necessary for shareholders to assess the Group's position and performance, business model and strategy.

Signed on behalf of the Board

 
 Paul Feeney                Mark Satchel 
  Chief Executive Officer    Chief Financial Officer 
 

9 March 2022

39: Related party transactions

In the normal course of business, the Group enters into transactions with related parties. Loans to related parties are conducted on an arm's length basis and are not material to the Group's results. There were no transactions with related parties during the current and prior year which had a material effect on the results or financial position of the Group.

39(a): Transactions with key management personnel, remuneration and other compensation

Key management personnel are those persons having authority and responsibility for planning, directing and controlling the activities of the Group, directly or indirectly, including any director (whether executive or otherwise) of the Group. Details of the compensation paid to the Board of Directors as well as their shareholdings in the Company are disclosed in the Remuneration report.

39(a)(i): Key management personnel compensation

 
                                                    31 December   31 December 
                                                           2021          2020 
                                                        GBP'000       GBP'000 
-------------------------------------------------  ------------  ------------ 
 Salaries and other short-term employee benefits          7,627         5,503 
 Post-employment benefits                                    43            62 
 Share-based payments                                     2,987         5,263 
 Termination benefits                                         -            51 
-------------------------------------------------  ------------  ------------ 
 Total compensation of key management personnel          10,657        10,879 
-------------------------------------------------  ------------  ------------ 
 

39(a)(ii): Key management personnel transactions

Key management personnel and members of their close family have undertaken transactions with the Group in the normal course of business.

The Group's products are available to all employees of the Group on preferential staff terms, the impact of which is immaterial to the Group's financial statements. During the year ended 31 December 2021, key management personnel and their close family members contributed GBP1 million to Group pensions and investments (in both internal and external funds). The total value of investments in Group pensions and investment products by key management personnel serving at any point during the year and their close family members was GBP12 million at the end of the year.

During the year ended 31 December 2020, key management personnel and their close family members contributed GBP2 million and the value of their investments in Group pensions and investment products totalled GBP14 million.

Qualifying third-party indemnity provisions (as defined by section 234 of the Companies Act 2006) were in force during the course of the financial year ended 31 December 2021 for the benefit of the then Directors and, at the date of this report, are in force for the benefit of the Directors in relation to certain losses and liabilities which they may incur (or have incurred) in connection with their duties, powers and office. In addition, the Company maintains Directors' and Officers' Liability Insurance which gives appropriate cover for legal action brought against its Directors.

39(b): Associates

In the current and prior year, IT services were provided by 360 Dot Net Limited, an associate company. The relevant transactions had no material impact on the financial statements of the Group.

39(c): Other related parties

Details of the Group's staff pension schemes are provided in note 33. Transactions made between the Group and the Group's staff pension schemes are made in the normal course of business.

- ends -

Enquiries:

 
 Investor Relations: 
  John-Paul Crutchley        +44 (0)7741 385 251 
  Keilah Codd                +44 (0)7776 649 681 
 Company Secretary: 
  Patrick Gonsalves          +44 (0)7391 867 081 
                          ---------------------- 
 Press: 
  Tim Skelton-Smith          +44 (0)7824 145 076 
 
  Camarco: 
  G eoffrey Pelham-Lane      +44 (0)7733 124 226 
                          ---------------------- 
 

Registrars:

 
 Shareholders on the UK Register: 
 Equiniti                              https://help.shareview.co.uk 
 
                                       Tel: +44 (0)333 207 5953* (calling from the UK) 
                                       Tel: +44 (0)121 415 0113 (calling from overseas) 
 
                                       *Lines are open Monday to Friday between 08:30 and 17:30 (UK time), excluding 
                                       public holidays 
                                       in England and Wales 
                                      -------------------------------------------------------------------------------- 
 Shareholders on the South African Register: 
 JSE Investor Services (Pty) Limited   Email: investorenquiries@jseinvestorservices.co.za 
 
                                        Tel: 086 140 0110/086 154 6566 (calling from South Africa) 
 
                                        Tel: +27 11 029 0251/+27 11 715 3000 (calling from overseas) 
                                      -------------------------------------------------------------------------------- 
 

About Quilter plc

Quilter plc is a leading wealth management business in the UK and internationally, helping to create prosperity for the generations of today and tomorrow.

Quilter plc oversees GBP111.8 billion in customer investments (as at 31 December 2021).

It has an adviser and customer offering spanning: financial advice, investment platforms, multi-asset investment solutions, and discretionary fund management.

The business is being reorganized into two segments: Affluent and High Net Worth.

Affluent encompasses the financial planning businesses, Quilter Financial Planning, the Quilter Investment Platform and Quilter Investors, the Multi-asset investment solutions business.

High Net Worth includes the discretionary fund management business, Quilter Cheviot, together with Quilter Private Client Advisers.

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

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END

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