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FSA website shows collapsed IFA Lamensdorf as still authorised

The FSA helpline and website were still this week telling consumers that Lamensdorf was authorised to give advice despite the IFA going into receivership.

On Tuesday this week, the FSA website was classifying the IFA as an authorised firm despite the receivers having already been called in and the firm having told its advisers to stop trading.

Lamensdorf advisers were told by the firm to stop trading over two weeks ago but when MM mystery-shopped the FSA consumer helpline both last week and this week, it was repeatedly told that the firm and its advi-sers were authorised.

An internal email from Lamensdorf had already informed its RIs that from May 7 “no one would be allowed to represent Lamensdorf IFA in a regulated capacity (make appointments or give regulated advice, whether it be face-to-face, telephone,email, fax or other methods of communication)”. But the IFAs have continued to trade and MM was able to arrange an appointment last week.

Lamensdorf&#39s former chairman Ken Newell is believed to be setting up a new company named Speed 9540 with director Keith Shipton, that will act as a financial broker and intermediary.

When originally contacted by MM with its concerns, the FSA said it would not comment on an individual firm but later FSA spokeswoman Louise Buckley said: “When firms are authorised they would have to have permissions in order to transact business. These are accessible from the website and would show no matches found if the firm was no longer doing business even if it sho-wed authorised. We would ask a firm to notify us if there was any change in their status.”

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