Dozen adviser firms in latest wave of FSCS defaults

The Financial Services Compensation Scheme has declared nine investment advisers in default this month, along with three specialising in life and pensions.

The statutory compensation scheme warned that consumers may be entitled to financial recourse if they have lost money as a result of their dealings with any one of the 17 failed financial firms around the UK that it has declared unable to pay claims for compensation.

Mark Oakes, head of communications for FSCS, said that it has already started paying compensation in respect of these firms.

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The firms found in default include Bishop’s Stortford-based Finance in Medicine Limited, a former employer of Mr David John Sime, who in March 2012 was labelled “arrogant” and “aggressive” by the Financial Services Authority in an application to provide advice under a new name.

Llanelli-based Brian D Thomas Financial Planning Services Limited was also found to be in default. The firm had its 4,000-strong client bank acquired by Sanlam Private Wealth in January 2012, after principal Brian Thomas retired from the industry after 35 years.

The other investment and pensions firms highlighted by the FSCS were:

• Momentum Investment and Financial Services Limited, of Yarm;

• Mentor Professional, of Shrewsbury;

• PRM Financial Management Limited, of Alfreton;

• Prosperity Corporate Consultancy, Stourbridge;

• Greenage Ventures Limited, trading as Integritas Financial and Professional Financial Solutions, of Southend on Sea;

• SRFM Limited, formerly Paramount Financial Services Limited, Park Regent Financial Services Limited and trading as Highworth Financial Services Abroad, SRFM Paramount, of Albourne;

• St. Paul’s Equities Limited, of London;

• Gerald Knapman (deceased), trading as G R Knapman Insurance Services, of Weymouth;

• Hilliard Smith and Partners Limited, of Bournemouth; and

• The Alexander Consulting Group Limited, of Glasgow.