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FSCS upholds five Clarkson Hill complaints

The Financial Services Compensation Scheme has received 45 complaints against IFA Clarkson Hill after the failed national went into default in May.

So far, five complaints that have been upheld, adding up to a total of £160,000 with 10 rejected and 30 still in consultation.

The FSCS says it expects to resolve the remaining cases within the next six months but has not ruled out further complaints against the firm.

An FSCS spokeswoman says: “We currently have 30 complaints at various stages in the process and would expect these to be completed in a six month period, but there could be more complaints to come.”

In December last year, Clarkson Hill had its regulatory permissions varied in part due to a failure to show it could pay up to £4.8m in redress to consumers for unsuitable advice.

Merchant House Group launched a new financial planning division after acquiring certain assets from Clarkson Hill Group in December last year shortly after CHG had gone into administration.

The FSCS confirmed in April that claims relating to Clarkson Hill and network Alpha 2 Omega had been priced into the 2011/2012 levy.

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Comments

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

  1. MIssold Investor 28th July 2011 at 10:18 am

    This includes at least one couple with a NDF Lehman-backed structured product. The Financial Ombudsman took two years to uphold a complaint in their favour before Christmas but Clarkson Hill were closed down before the complaint was settled. The couple then had to resubmit their claim to FSCS. Very stressful. Their case study is included at http://bit.ly/nXBazc

  2. Missold Investor 1st August 2011 at 10:38 am

    This includes at least one couple with a NDF Administration Lehman-backed structured product. The Financial Ombudsman took two years to uphold a complaint in the investord’ favour before Christmas but Clarkson Hill were closed down before the complaint was settled. The couple then had to resubmit their claim to FSCS. Very stressful.

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