Jarvis Securities Plc (AIM:JIM) shares traded some 28% lower on Tuesday as it released its audited results for the 18 months ended 30 June, alongside an update on its engagement with the Financial Conduct Authority.
Chairman Andrew Grant said the board remains committed to an orderly wind-down of the regulated business.
He said: “The directors believe a professional independent firm with extensive experience in the wind down of regulated entities will be better placed to challenge and advise.”
And, it confirmed that its subsidiary Jarvis Investment Management Limited had identified historic conduct breaches that may result in client redress liabilities estimated at around £2.8 million over the next 12 months.
The group meanwhile reported a profit after tax of £2.18 million for the 18-month period.
In London, Jarvis shares were down 27.8% changing hands at 12.26p.