The Financial Services Compensation Scheme has declared seven investment advisory firms in default, along with three that specialised in life and pensions.
A declaration of default means FSCS is satisfied a firm is unable to pay claims for compensation made against it, opening the way for customers of that firm to make a claim. The scheme has already started paying compensation in respect of the defaulted firms.
Amongst the 13 firms most recently declared in default were Orpington-based Your Retirement Solutions, better known by its former name Braemar Financial Planning Ltd, which in 2006 had a £182,000 fine imposed on it by the Financial Services Authority over failures in a sales process for pensions ‘unlocking’.
Also included was life and pensions firm Chesterfield-based Unleash Advice Partnership Ltd, which in 2012 applied to the regulator to have its permissions to advise on investments and regulated mortgage contracts removed. From that time it only had permission to advise on pension transfers and opt outs.
The other investment and pensions firms highlighted by the FSCS were:
• Barry Norris & Associates, of Wigan;
• The Financial Consultancy (UK) Ltd, of Wigan;
• Premier Financial Advice Ltd, of Liverpool;
• True Financial Management Ltd formerly HNL Financial Services Ltd, of Altrincham;
• A.J. Buckley Financial Management Ltd formerly A.J. Buckley Overseas Ltd, of Godalming;
• City Insurance Consultants, of Greenwich;
• Stephens Financial Limited, of Kingsbridge;
• Max Horne Group LLP trading as Max Horne Financial Services, Denholm and Brown, Ian MacLean & Co, of Dunfermline.
Mark Oakes, head of communications for FSCS, added: “If anyone believes they may be owed money as a result of their dealings with any of these firms, please get in touch with FSCS, as we may be able to help you.”
peter.walker@ft.com
