In a short statement, the company said the change took effect from 1 June.

Last October Tavistock reported better trading after previously making a loss of nearly £1m.

In its interim results for the six months ended 30 September 2023 the firm said revenue was up 19% compared to same period the previous year to £20.6 million (H1 2022: £17.3 million).

Adjusted EBITDA, a measure of profit, was up twelvefold to £1.7 million (H1 2022: £0.14 million).

The company revealed in its interim results at the time that it had completed its review of all British Steel Defined Benefit Pension Transfer cases with “minimal uninsured cost being incurred.”

It did not disclose the cost of rectifying any BSPS cases.

In April last year the company acquired Precise Protect, a UK-wide protection business based in Bangor, Northern Ireland, which it expected to be a major contributor to the future profitability of the group and has been integrated into the business.

Following the transaction, Tavistock now has a network of over 400 advisers and other business introducers working with more than 110,000 UK retail clients with total assets estimated to be over £6 billion, as well as 350 corporate and affinity clients with some 16,000 employees.  

In September Tavistock reported a loss of £0.94m in the year to March. The previous year the group gained a windfall profit of £30.67m after the sale of its investment arm Tavistock Wealth to Titan Wealth in August 2021 for an initial sum of £20m.