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FSCS declares more advice firms in default

FSCS-Piggy-Bank-500x320.jpgThe Financial Services Compensation Scheme has declared eight firms in default in June, at least half of which are financial advisers.

Firms included on the list are Professional Financial Advisers of Cheltenham, Yorkshire-based ICF Group and Scottish business Fergus Burns, which was formerly called The Financial Planning Partnership.

Also on the list is West-Midlands business Squirrel PFA and North Yorkshire-based Pentagon Independent.

This week, Money Marketing revealed a second IFA associated with the British Steel Pension Scheme scandal has gone into liquidation.

A notice on The Gazette’s website shows Retirement & Pension Planning Services, based in Barnsley, appointed liquidators on 25 June.

That business follows British Steel adviser Active Wealth, which went into liquidation in February.

FSCS chief corporate affairs officer Alex Kuczynski says: “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.”

In May, eight firms were declared in default including Welsh adviser Grosvenor Butterworth, West Midlands advisers Lifeboat Financial Advisers and Platinum Independent Advisers and London-based Argent Personal Finance Managers.

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There are 2 comments at the moment, we would love to hear your opinion too.

  1. Julian Stevens 12th July 2018 at 3:50 pm

    A table showing the numbers of regulated FA firms which, over each of the past 10 years, have:-

    1. closed down as a result of having been overwhelmed by their liabilities or have been

    2. shut down by the FCA for assorted malfeasances or have simply

    3. shut shop voluntarily (before the sherbert hit the fan)

    might make interesting reading and indicate the way the adviser industry is evolving.

    How many new firms have arisen from the ashes of an old one?

    Of course, in many cases the principals of small firms who wish to retire are selling their client bank to larger concerns (consolidators) so they’ve not gone under, but I sense that the cottage IFA is becoming an increasingly rare species. The closest relative will be members of a network.

    • Julian; That would be a great bit of research to read !

      How about it MM ?

      Its a bit of an extreme view, but with regulatory fees and levies ever increasing the companies who facilitate the payment (of such)ever decreasing …. looks like the industry disappearing up its own backside.

      In another MM report pension scams have increased again by 70% …its a perfect storm for the scammers and ambulance chasers, in a massive growth industry facilitated by bureaucrats that regulate and govern us.

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