Charles Stanley & Co

Charles Stanley has appointed Douglas McNeill as investment director for its new direct-to-client service, due to launch at the end of March.

The UK's biggest advice firms have been accused of failing to adequately inform potential clients whether they provide independent or restricted advice.

The cost of its contribution to the Financial Services Compensation Scheme has cost Charles Stanley 40% of its pre-tax profit in the last half-year.

Former Hargreaves Lansdown investment manager Ben Yearsley has joined Charles Stanley to help spearhead the group's new direct-to-client investment service.

Charles Stanley, the stockbroking and investment management group, reported pre-tax profits fell 37% to £8.5m for the year ended 31 March 2012.

INVESTORBEE

Charles Stanley has appointed Cofunds as its fund custodian in a deal which will see £1.2bn of funds moved across to the platform's institutional arm.

Charles Stanley has appointed product aggregator All My Plans (AMP) to assist in the launch of a direct-to-consumer (D2C) platform later this year.

Revenues at stockbroking, advisory and discretionary business Charles Stanley fell in the third quarter last year as a result of a quiet trading environment brought on by the depressed UK economy.