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Heather Moor & Edgecomb placed in default

FSCS Interior 480

The Financial Services Compensation Scheme has placed adviser firm Heather Moor & Edgecomb and 16 other firms in default.

HME owners Brian and Dolly Pickering have fought a number of legal battles with the Financial Ombudsman Service in recent years.

They took a case to the European Court of Human Rights after the FOS upheld a pension transfer complaint against HME in November 2006. The Pickerings complained the FOS failed to deliver its decision publicly, refused to hold an oral hearing, is neither independent nor impartial and the complaint system is not compatible with the rule of law.

The European Court concluded in June 2011 the Pickering’s complaints were “manifestly ill-founded.”

In February 2008, HME refused to pay four Financial Ombudsman Service case fees of £360 each after the complaints were found in favour of the firm. Trowbridge County Court found the FOS’s practice of charging firms for the cost of dealing with complaints that are rejected was “unfair in principle and in practice”.

FOS appealed the ruling and in June 2008 the Court of Appeal overruled the County Court judgement.

Also on the FSCS’s list is Rockingham Independent, which was confirmed to be in default last month.

The FSCS confirmed investment advisers are facing a further £28m in levies due to the collapse of Pritchard Stockbrokers and Worldspreads last month, with more claims expected relating to MF Global, Arch cru and Rockingham.

FSCS head of communications Mark Oakes says: “We have already started paying compensation in respect of these firms. However, we are encouraging anyone else who believes they may be owed money through their dealings with one of these firms to contact our initial contact team if they have not yet applied for compensation.”

The firms in default are:

  • Financial Advice Bureau

  • Bollin Finance Ltd

  • A & J B Limited

  • M A Jones/A Feeney Jones Tedcastle & Company

  • Castle Independent Mortgages

  • Derek Hewson & Associates

  • Howard Scofield Independent Financial Advisor

  • Rockingham Independent

  • Dickeson Taylor & Company

  • First Time Buyers Advisory Service

  • NBJ (UK) Limited

  • Heather Moor & Edgecomb

  • MI Financial Services

  • Thorn Financial

  • Alasdair MacNab

  • Macmillan Financial Services

  • RB (2009) Limited formerly Red 2 Black UK Finance

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Comments

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

  1. “However, we are encouraging anyone else who believes they may be owed money through their dealings with one of these firms to contact our initial contact team if they have not yet applied for compensation.”

    Can the last one out remember to turn the lights off please!

  2. Unusually I am lost for words. i will have to tell the missus that we cannot have aproper Sunday Lunch and must have beans on toast instead . I need to save for the next FSCS bill

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