FSCS puts bust pension transfer advisers into default

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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.