View more on these topics

FSCS opens claims against 15 more firms

The Financial Services Compensation Scheme declared 15 companies in default during November and December 2017, including a Welsh advice firm that had its permissions cancelled in 2016.

Park Grove Financial Management’s permissions were cancelled in June 2016 after it failed to pay more than £5,000 in fees and levies to the regulator.

Another Welsh firm declared in default, Cumulus Investment Management, had 12 Financial Ombudsman Service complaints upheld against it in 2017.

The default list, published on 12 January, follows the FSCS announcing it will raise an additional £24m in the 2017/2018 year due to an increase in Sipp-related claims.

Other advice firms declared in default include Aspen Financial Planning, Knightsbridge Financial Management and M&P Financial Planning.

FSCS communications head Mark Oakes says: “FSCS steps in to protect consumers around the UK when authorised financial services firms go bust. This vital and free service protects your deposits, investments, home finance and insurance. We want anyone who believes they may be owed money as a result of their dealings with any of these firms to get in touch as we may be able to help you.”

Recommended

14

FSCS boss: Extra levies ‘price we pay for greater choice’

Financial Services Compensation Scheme chief executive Mark Neale has come to the defence of IFAs’ recommendations, but warns that supplementary levies for the lifeboat fund will be required as long as consumers are allowed to choose high-risk products from bad advisers. In his latest blog, Neale reflects on a session on the pension freedoms at […]

11

SimplyBiz chair blasts ‘disgraceful injustice’ of FSCS levy

SimplyBiz chair Ken Davy has upped his criticism of Financial Services Compensation Scheme funding after the lifeboat fund announced another additional fee call. Yesterday, the FSCS said it needed to raise another £24m from advisers through an interim levy due to an increase in Sipp claims, often related to the misselling of high-risk products. The […]

2

FCA expresses concerns over FSCS drawdown treatment

Board minutes released by the FCA have shed further light on the regulator’s approach to reforming the Financial Services Compensation Scheme. Notes from an October meeting reveal that the regulator is working with the lifeboat fund to produce “a more comprehensible document explaining the cover provided” when consumers are given bad advice or investment companies […]

Bank of England rate rise fails to stem bond fund inflows

Fixed income was the most popular asset class for UK investors in November despite the Bank of England raising interest rates and stock markets remaining buoyant, Investment Association figures show. Fixed income attracted over £2bn worth of sales in the month, while mixed asset and equity were the second and third most popular assets classes, […]

Survey cover

EEF/Jelf Employee Benefits Sickness Absence Survey 2015

EEF stated in its 2015 EEF Manifesto that the UK’s growth prospects depend on people being fit, working and productive. Keeping people in work and helping people return to work is very important for the manufacturing sector. It means boosting productivity by getting people back into work as early as is possible, as well as fostering workplace cultures and environments that proactively manage individuals’ health conditions so that all can benefit from lower sickness absence outcomes.

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There are 5 comments at the moment, we would love to hear your opinion too.

  1. Crikey seems firms are dropping like flies, more evidence of liabilities being dumped on the remaining firms clients !

    One must also make the presumption that the advisers, of said firms, will find it very hard to slot in somewhere else ?

    • You would think so but then the advisers could challenge the FCA say that they are depriving them of making a living.

    • I’d like to think so but one of the two RIs at the local (to me) firm is still on the register elsewhere. IMHO the FCA should make it a darn sight harder for that to happen – it’s far too easy, especially as an appointed rep.

    • My thoughts too. It would be interesting to know the percentage rate (as in percentage of the total) at which, for one reason or another, the industry is losing RI’s.

      In fact, even more interesting to know would be the rate at which the fall out rate has INCREASED over the past five years. I imagine it’s relentlessly steepening, a result of which the endlessly increasing raft of levies with which we’re burdened will have to be apportioned across a steadily reducing adviser population. That, in turn, will push up advice costs, over which the FCA professes to be concerned (oh yeah? More likely, it feels that it has to be seen to be concerned, irrespective of whether it really is) but about which, in practice, there’s bugger all it can actually do unless it starts regulating more effectively and cost-effectively (targeted and proportionate?). What hope of THAT we wonder?

  2. ..except it’s not free!

Leave a comment