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Adviser put into default over DB transfers raises money for appeal

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.

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Comments

There are 12 comments at the moment, we would love to hear your opinion too.

  1. Astonishing brass neck.

    Who the hell put £2,540 in?

  2. Past Business Review by the FCA
    Permisssions removed by the FCA
    MP wont take his case on
    Police wont take his case on
    Ex Financial Ltd adviser which was fined and closed down by the FCA
    Crowdfundig to get other people to pay for him to go to court.

    You really couldn’t make it up

    People like this need banning fom the industry for life.

  3. Not a great CV is it?

  4. We’re already donating massively to the FSCS for advisers like this!

    The regulator may have faults but there’s a common denominator.

  5. What I cannot get my head around with these one man band crummy little IFA companies is how they ever managed to meet the FCA’s capital requirements. Financial Page had £300 in the till when put into liquidation (and the guy had such bad accounting records he could only guess at at the amount of the debts in his SoA) and Henderson Carter had £2000 with debts (excl. the misselling claims) of more than £50K.

    • Bryan,
      I am a one man band IFA but I would not consider myself to be ‘a crummy little company’. No complaints, capital adequacy in place, with accounts closely monitored on a monthly basis to ensure that I am running a profitable, sustainable business. Perhaps you should not tar all of us small businesses with the same brush. After all, if it were not for us ‘crummy little companies’ the advice gap would be exacerbated, leaving you ‘big boys’ having to deal with a larger FSCS levy.

      • Well, full marks for courage in speaking out like this. Let’s see waht mr Google says:

        Mr Lee Jason Whiteside LJW00011 director of PLAN4LIFE LTD 697369, company number 07089842.

        Latest public accounts made up to 31/03/2018 where the balance sheet total was £28,756.

        The firm’s got pension transfer advice permissions. If I assume a standard excess of £5,000 on the PI policy, that means claim number six kills your business.

        I’m not sure that’s much of a firebreak to save “you ‘big boys’ having to deal with a larger FSCS levy.”

  6. A legal challenge against a decision of this type has to mean a judicial review which, anecdotally, can cost upwards of £40,000 and often much more, perhaps £100,000. Does Mr Page really believe he has any realistic prospect of securing sufficient support to build that level of crowdfunding? I rather doubt he will.

    • Judicial review wouldn’t work anyway. The firm could have challenged the decision by the FCA to shut the business by way of a reference to the Upper Tribunal: R (on the application of Christopher Willford) v Financial Services Authority [2013] All ER (D) 114. It presumably did not do so within the prescribed time-limits. The availability of that reference if unused blocks the right to judicial review. Any attempt to sue the regulator has to be based on misfeasance in a public office which is pretty much unprovable.

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