Failed network Financial Ltd faces £90k in claims

Money-Cash-Coins-GBP-Pounds-UK-700x450.jpgBankrupt advice network Financial Ltd is facing £90,000 in claims that are being handled by the Financial Services Compensation Scheme.

The company’s liquidators Moore Stephens published documents on Companies House that show two claims were made against Financial Ltd to 4 July 2016 with the FSCS listed as the contact address.

The first claim is from a woman named as E Harvey for £50,000 and the second claim, from H&P Shaw, is for £39,000.

Tavistock Financial, which acquired Financial Ltd in February 2015, is also listed as claiming £983,779 from the company.

Financial Ltd’s former parent company Standard Financial Group is listed in the document as owning £474,000 shares in the company.

Overall, Financial Ltd owes more than £1.5m to the companies and individuals.

Financial Ltd entered liquidation in October 2015.

The FCA investigated the business in 2014 over pension transfers and its former chief executive Charlie Palmer awaits an Upper Tribunal hearing after the FCA last year sought to ban and fine him £86,691 for failing to ensure appointed representatives gave suitable advice to clients.