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IFA with dropped pension switching service declared in default by FSCS

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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.

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Comments

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.

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