This totalled £750,000, and related to 12 cases identified where it said “a negative outcome is likely”.
The platform said its aim is to settle directly with the customers in ESL.
Surge in robo B2B revenue
Embark’s business-to-business (B2B) arm, which supplies its platform technology to third parties, has seen revenues surge.
In its results, the platform said its BTB robo wrap services jumped from £1mn in revenue to over £63mn. Across the group, revenues increased to £92.2mn in 2021, from £61mn the previous year.
The platform’s assets under administration hit £42.9bn, up from £35.9bn in 2020.
The platform added 27,791 new pensions, Isa and general investment accounts over the year and acquired 16,816 accounts, boosting overall account numbers by 11.43 per cent to 432,871.
Meanwhile, administrative expenses jumped from £59mn to £87.8mn.
ruby.hinchliffe@ft.com
