View more on these topics

IFA with dropped pension switching service declared in default by FSCS


An advice firm that was previously scrutinised by the FCA over pension switching compliance is one of 22 pension and investment firms declared in default by the Financial Services Compensation Scheme between 1 November and 31 December 2016.

Perth-based Douglas Baillie suspended its pension switching business The Pension Specialist after the FCA raised concerns about compliance in October 2013.

The Financial Ombudsman Service website shows Douglas Baillie has had seven complaints upheld against it since October 2014.

In total 17 investment firms and five pensions firms were declared in default over the period.

Demontfort Professional Wealth Management, based in Warwickshire, was also declared in default.

Demontfort previously had a FOS complaint upheld against it relating to Sipp advice suitability.

The firm had invested £13,700 of a client’s pension pot into an unregulated biofuel scheme called Sustainable AgroEnergy, which invested in Cambodian plantations growing a biofuel called jatropha oil.

Totteridge Car Centre and Megacar UK was included in list as investments firms by mistake.

The number of defaults is consistent with figures from August to September, when eight life and pensions firms and 14 investment firms were declared in default.



FSCS defends ‘modest’ £3m PR campaign

The Financial Services Compensation Scheme has defended its £3m spend on a consumer awareness campaign, describing the cost as “modest”. Earlier this month, the FSCS launched a campaign featuring celebrities including TV and radio presenter Fearne Cotton. The cost of the campaign falls on banks, building societies and credit unions. In a blog published on […]

FSCS defaults £9m Ucis seller Pave

An adviser firm contesting a ban and £90,000 fine after it advised clients to invest a total of £9.7m into unregulated collective investment schemes has been declared in default by the Financial Services Compensation Scheme. Bath-based IFA Pave Financial Management was declared in default on April 17. The FSCS has so far paid out just […]


FSCS defends legal action against Keydata advisers

The Financial Services Compensation Scheme has defended its decision to take legal action against advisers who recommended Keydata products, saying it only pursues recoveries where it is “reasonably possible and cost effective” to do so. The comments follow a letter from Aifa, which called for answers over the way the scheme is pursuing Keydata advisers, […]


Guide: how to change your auto-enrolment support

As we approach the two-year milestone of auto-enrolment, employers have had the opportunity to truly assess the capabilities of their chosen support. They are also now realising that getting to the staging date was the easy part, and that support is required for almost every aspect of the day to day running of their scheme. With the three-year re-enrolment window coinciding for many with the total removal of commission and Active Member Discounts from pension-related products and services, as well as the introduction of the pension charge cap in April 2015, many employers will have no choice but to review their support options. But, what is involved in transitioning your auto-enrolment scheme away from your current support options? This guide from Johnson Fleming aims to outline some of these key areas and provide information and discussion points on what you need to consider.


News and expert analysis straight to your inbox

Sign up


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

  1. How could Totteridge Car Centre and Megacar UK possibly be included in list as investment firms?

  2. People searching for Douglas Baillie should be able to find reference to Douglas Baillie on this site and hopefully multiple repetitions of the name Douglas Baillie will help others avid losing their life savings to Douglas Baillie or one of Douglas Baillie new ventures.

Leave a comment


Why register with Money Marketing ?

Providing trusted insight for professional advisers. Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and thought leadership.

News & analysis delivered directly to your inbox
Register today to receive our range of news alerts including daily and weekly briefings

Money Marketing Events
Be the first to hear about our industry leading conferences, awards, roundtables and more.

Research and insight
Take part in and see the results of Money Marketing's flagship investigations into industry trends.

Have your say
Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

Register now

Having problems?

Contact us on +44 (0)20 7292 3712

Lines are open Monday to Friday 9:00am -5.00pm