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FSCS default list published as British Steel IFA and ‘fraudulent’ DFM in spotlight

The Financial Services Compensation Scheme has released the full list of firms it declared in default in March, including an advice firm facing allegations of unsuitable British Steel pension transfers and a discretionary fund manager being investigated by US authorities. Active Wealth and Beaufort Securities are two of 11 financial firms on the FSCS’ list. […]

business property relief

Tony Wickenden: HMRC strengthens its anti-avoidance armoury

Changes that come into force from September are further reminders that tax cannot be ignored by merely placing assets overseas I have written extensively in this publication over the past few years about the Treasury’s and HM Revenue & Customs’ attitude to tax avoidance. A powerful combination of success in tribunal and court cases, targeted anti-avoidance […]

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Editor’s note: The advice market is no place for whingeing

As journalists, we are often criticised for writing too many negative stories, for “doing down the profession”. The usual rebuttal to that accusation is that we have to cover the bad eggs as well as the good, but I prefer to take a different tack on most occasions, fighting any perception of how tough advisers […]

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British Steel IFA hit with 30 FSCS claims in first fortnight

The FSCS has received more than 30 claims against collapsed advice firm Active Wealth just two-and-a-half weeks after opening the doors to compensation against the company. Active Wealth went into liquidation on 12 February after attracting attention for its role in advising members to transfer out of their final salary schemes at British Steel. The […]

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