IFA  

Collapsed Manchester IFA enters liquidation

Collapsed Manchester IFA enters liquidation
 Credit: Chris Ratcliffe

A Manchester-based independent financial adviser has entered liquidation, with claims against it being diverted to the UK’s lifeboat scheme.

The Financial Conduct Authority announced today (September 9) that Copia Wealth Management had been placed into liquidation and a liquidator had been appointed.

Consumers who believe they have a complaint or claim against Copia were signposted towards the Financial Services Compensation Scheme.

The regulator urged people to “take care” if approached by claims management companies or by anyone claiming to be a representative of Copia as they “may take a substantial fee”.

It also warned customers over scams, urging them not to respond to cold-calls.

According to the FCA, Mr Floyd Paterson, the sole director of the firm, has appointed Alex Kachani of Crawfords Accountants in Manchester as liquidator.

Copia was rebuked by the Financial Ombudsman Service earlier this year after the ombudsman found it had given unsuitable DB transfer advice.

According to the Fos, Copia incorrectly assessed that a client wanted to take high risk investments when deciding to go ahead with the transfer.

The Fos ordered Copia to put the client back into the position he would have been in had he not received unsuitable advice.

Copia has been authorised by the FCA since 2013 but applied to cancel its status at the end of August this year, according to the watchdog’s register.

The firm also used to trade as Absolute Isa, Alpha Isa and Westway Isa up until April 2019.

imogen.tew@ft.com

What do you think about the issues raised by this story? Email us on fa.letters@ft.com to let us know.