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FSCS declares Arch cru and Ucis advice firms in default

The Financial Services Compensation Scheme has declared an advice firm in default whose partners were fined by the regulator in 2011 for unregulated collective investment schemes failings.

The two partners of Clark Rees were fined a total of £28,000 and banned by the FSA in January 2011 for failing to ensure the firm made suitable recommendations to its customers regarding Ucis.

The company is one of 16 investment and pensions firms declared in default by the FSCS in an announcement today.

The FSCS has also declared in default advice firm Coull Money, which recommended Arch cru funds and applied for a judicial review of the regulator’s Arch cru compensation package. The High Court rejected the application for a second time in February 2012.

The following 16 firms, classified as life and pension or investments businesses by the FSCS, have been declared in default:

  • ACG Financial Management
  • Philip M. Derbyshire & Company
  • Transglobe Independent Financial Advisors
  • Cornovii Investment Management
  • David James Financial Services
  • Coull Money
  • Peter G Bodington & Associates
  • Independent Mutual
  • 141107 Limited (formerly GD Tancred Financial Services)
  • Green Denman & Company
  • Helmlake Financial Services
  • Meads Financial Consultants
  • Opulen Management
  • Stirling Associates
  • G Fleming, C Morrison & J Ferris
  • Clark Rees

The FSCS has also declared 11 general insurance firms and three mortgage firms in default.

Customers of these companies can now make claims for compensation to the FSCS.

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