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Adviser told to cease pensions business in default

Adviser told to cease pensions business in default

Six companies have been declared in default by the Financial Services Compensation Scheme - including one which the Financial Conduct Authority told to cease all pension and investment business last month.

Omega Financial Solutions, which has gone into liquidation, was based in Blackpool but has since been taken over by London-based insolvency practitioners Turpin Barker Armstrong and it has applied to cancel its FCA authorisation.

In July 2018 the FCA told the company to cease any business involving any regulated activities relating to pensions and investments and to not recommence any such business without the regulator's written approval.

The FCA did not provide a reason for why it had taken this action.

Meanwhile Plymouth-based Leech & Burgess IFA LLP has also been declared in default, having gone into liquidation, as had Cornwall-based Premier Mortgage Centre (UK) Ltd.

Other companies declared in default in July include Devon-based Luddington Broze, Westbury Capital Partners Limited and Beterac Limited, formerly Fenton Finance Limited.

Alex Kuczynski, chief corporate affairs officer at the FSCS, said: "FSCS steps in to protect consumers around the UK when authorised financial services firms go bust. This vital service, which is free to consumers, protects deposits, insurance, investments, home finance and debt management.

"We want anyone who believes they may be owed money as a result of their dealings with any of these firms to get in touch as we may be able to help you."

damian.fantato@ft.com