Financial Services Compensation Scheme  

Claims against adviser rise to £23m

Claims against adviser rise to £23m

The Financial Services Compensation Scheme has paid out a total of £23.3m on 853 claims brought against collapsed adviser Financial Page.

The lifeboat fund told FTAdviser that to date it has received 1,062 claims against Financial Page. Of these, 853 have been paid and 59 are still in progress, while 150 have been rejected.

This was up from the £5.7m paid out in respect of bad advice given by Financial Page and Henderson Carter Associates in February last year.

Neil Liversidge, managing director of West Riding Personal Financial Solutions, last month (August 29) helped one of his clients claim back £21,500 in compensation against Financial Page.

The client had been approached by the advice firm in April 2015, when he was advised to transfer his £17,735 pension into a self-invested personal pension to invest in Aigo loan notes, an unregulated property investment scheme where investors were promised annual coupon payments.

Investor information published on the Mauritian stock exchange in 2013 described the Aigo fund as a protected cell company with limited liability, invested in natural resources and managed by Fidelis Global Asset Management Limited.

The investments were sold by a number of advice firms, including Financial Page, Henderson Carter Associates, and Bank House Investment Management, all no longer trading.

According to Mr Liversidge Financial Page recommended a Guinness Mahon Sipp to the client and to invest in a portfolio which consisted of 5 per cent in cash, 30 per cent in UK residential property, 40 per cent in commercial property and 25 per cent in equities.

In June 2016 Guinness Mahon valued the client’s Sipp at £18,708. But by July 14 Financial Page had entered administration and Abbey Taylor Limited were appointed as administrators. The adviser was declared in default by the FSCS in April 2017.

In a telephone conversation with Guinness Mahon in April 2018, Mr Liversidge was told that the value of the client’s Sipp was zero but two months later it sent a valuation showing the Sipp was worth £17,257, he said.

In June 2019, Mr Liversidge helped his client claim against Financial Page and last month (August 29) the FSCS paid the client £21,500 in compensation.

Financial Page’s administrators were approached for comment.

Guinness Mahon declined to comment.

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