Lighthouse Group on the lookout for Scottish IFAs

THE Aim-quoted independent financial adviser network Lighthouse Group, is targeting Scottish firms that employ 20 to 100 advisers in an acquisition drive.

Executive chairman David Hickey yesterday said: "We are looking for a business with a decent record that has stayed out of trouble in terms of complaints and mis-selling, so it must have a cautious culture similar to ours."

Lighthouse, which owns FSAS - Scotland's largest IFA network, reported a 4 per cent rise in revenue to 63.1 million in 2010.

Recurring revenues, which are not subject to changes coming under the Retail Distribution Review, increased by 7 per cent to 17.6m and now make up 28 per cent of group turnover.