View more on these topics

FSCS puts bust pension transfer advisers into default

FSCS-Piggy-Bank-500x320.jpg

Two advice firms that conducted pension transfers through the same introducer have been declared in default by the Financial Services Compensation Scheme.

Shropshire-based Financial Page and Merseyside firm Henderson Carter Associates both had appointed representative relationships with London lead generator Hennessy Jones, according to the FCA’s register.

Both firms were told by the FCA to terminate their relationships with Hennessy Jones and banned from conducting any pension transfers or switches into Sipps.

An administrators report for Henderson Carter last year noted the FCA was conducting an investigation into the firm.

Financial Page and Henderson Carter are among 12 advice firms that have been declared in default by the FCA today.

Other firms to have been declared in default include Yorkshire firm Advanced Wealth Management Limited, Colchester’s Cavendish Financial Planning Limited and Leeds based Vanguard Wealth Management Limited.

For firms to be declared in default, they must have received at least on claim against them, and the FSCS must judge they are unable or unlikely to pay the claims.

The FSCS can only begin distributing compensation once it officially declares firms in default.

The latest defaults cover the FSCS’s decisions for March.

The previous month’s list of defaults included the advice firm run by the former boss of collapsed platform Avalon, Market Place Financial Services.

For the full list see here.

Recommended

High-Court-Building-700.jpg
2

FSA and FSCS rejected as Keydata witnesses as case drags on

The Upper Tribunal has rejected pleas from Keydata founder Stewart Ford to call regulatory staff as witnesses in his long running legal battle against a £75m fine. Ford and fellow Keydata director Mark Owen are contesting regulatory bans for their role in the collapse of the investment firm. Owen also faces a fine of £4m. […]

Money Marketing Interactive is back – your chance to grill the FOS and FSCS

Money Marketing Interactive is back with an action-packed agenda and a raft of high-profile speakers. Money Marketing’s flagship conference launched to huge success last year. The event returns to London on 18 May with the usual mix of big-name keynote speakers and valuable business insights advisers have come to expect from our live events. Join […]

Is this the endgame for the current mergers & acquisitions boom?

Last year, worldwide mergers and acquisitions (M&A) rose to an unprecedented $4.7tn, according to Thomson Reuters, a 41 per cent increase over 2014. Anthony Forcione, senior equity analyst at Loomis Sayles, an affiliate of Natixis Global Asset Management, looks at what’s been driving this particular wave of mergers. Click here to view full article: Loomis-Sayles

Keep calm and carry on?

We British are known for our stiff upper lip and just getting on with things. It’s part of our quirky cultural behaviour – like forming orderly queues, or saying sorry when it’s not our fault. Many of us just aren’t that great at talking about what’s bothering us. But if someone feels that the stresses […]

Newsletter

News and expert analysis straight to your inbox

Sign up

Comments

There is one comment at the moment, we would love to hear your opinion too.

  1. Thought you might be interested to see the attached link. https://beta.companieshouse.gov.uk/company/04343213/filing-history
    16 Jul 2014 Statement of administrator’s proposal

    Especially the fact that the client base was sold to one of the directors for a sum total of £4k and I suspect is now being used to market via the non regulated seller of products to High Net Worths again…. and this appears to have been done all with the knowledge of the FCA and despite the fact they anticipate half a million of claims falling to the FSCS.
    At one point the company had in excess of £150k of net assets and a directors personal guarantee to cover a business loan, but when the FCA allowed winding up, there was just £50k of assets left, which surprisingly enough was paid out to the employees as outstanding salary… which ones, one wonders?
    Selling all those lovely pension transfer which then went in to Dubai car parks and other esoteric things…. NICE…..

Leave a comment