A financial adviser whose firm was put into default after the FCA removed its defined benefit transfer permissions is crowdfunding to support a legal challenge.
Shropshire-based Financial Page was formally declared in default in April 2017, alongside Merseyside firm Henderson Carter Associates.
The two advice firms both had an appointed representative relationship with London-based lead generator Hennessy Jones, according to the FCA Register.
Both Financial Page and Henderson Carter were told by the FCA to terminate their relationships with Hennessy Jones and banned from conducting any pension transfers or switches into Sipps.
An administrators report for Henderson Carter in 2016 noted the FCA was conducting an investigation into the firm, while Financial Page underwent a so-called Section 166 review from the regulator into concerns it had.
The firm’s principal, Andrew Page, has now set up a crowdfunding page to raise money for legal action.
Posting the page on his LinkedIn account this morning, he claims that there has been “malpractice” against both him and a pension trustee.
The page has currently raised £2,540 of a £50,000 target.
Page writes: “I have raised the issue with the police and my MP, so far all to no avail. I am now seeking funding that will allow me to take on these government bodies on a more even playing field with the full intention of getting both into a court of law where their wrongdoings can be exposed for all to see.”
Page’s FCA Register entry shows he was previously an adviser at Financial Limited, the network that collapsed after an FCA investigation into unsuitable advice.
He also worked at DBS Financial Management, which was fined multiple times by different regulators before being subsumed into Sesame, as well as working for a period at St James’s Place.