Group has already paid out £367,000
Tavistock had already set aside £2.4m to cover any claims from Bartlett’s victims. The group revealed it has already paid out £367,000, leaving it with £2.1m for any future disputes.
“In December 2018, Neil Bartlett, one of the group’s former advisers was found guilty of fraud and was sentenced to eight years imprisonment,” Tavistock said.
“As a consequence of his actions, the subsidiary company within the group with which he was previously associated has been approached by a number of victims, the majority of whom were previously unknown to the company, seeking to recover monies stolen from them by Bartlett.
“All steps are being taken by the group to refute these approaches and to address them individually in an appropriate manner.”
Appropriate provision of £2.1m set aside
The firm added: “Having sought legal advice, the directors consider it appropriate to make a provision of £2.1m regarding this matter.
“This provision is matched by an equivalent receivable provision, as the directors believe that any liability that might ultimately arise, is fully covered by the professional indemnity insurance policies that the group has in place.”
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