Brewin Dolphin loses 5% of income as RDR bites

‘To fulfil these aims, whilst still growing through organic fund inflows, the Group has committed itself to a significant programme of organisational change with material capital investment in new systems.

‘The ‘group retains this commitment and will continually examine opportunities to improve business efficiency.

‘In particular, future efforts will not be limited to further investment in systems and people but will also encompass a programme of organisational efficiency, underpinned by rigorous and disciplined cost control.’

While noting that the company was vulnerable to a short term removal of commission Peel Hunt analyst Stuart Duncan said the business' overall resilience would be a long-term winner under RDR.

‘In effect the new fee charge will be implemented this year although they will still collect the trail,’ said Duncan. ‘In effect, in the short term, there will be an element of double counting until the trail reduces.’