M&G sues Royal London for £27m over client access to 'inappropriately risky investments'- reports

Over Ascentric purchase

Asset management firm M&G is taking legal action against Royal London over the latter's 2020 purchase of the wealth management platform Ascentric.

In a lawsuit filed at the High Court in London, M&G claimed that the Ascentric business, a wealth management platform for financial advisers, had "exposed its customers to inappropriately risky investments, with an inappropriately high percentage of their pension funds in those investments", according to court documents seen by the FT.  M&G's legal team have filed for damages of at least £27m plus interest, alleging that Royal London failed to effectively disclose that some of its client pension money had been invested in "inappropriately risky" products prior to the deal, the aforementi...