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Three advice firms make latest FSCS default list

The Financial Services Compensation Scheme has published its latest list of defaulted firms, with financial and mortgage advice firms featuring prominently again.

Three financial advisers and a mortgage adviser feature on the list of eight firms.

Glasgow-based Allan McRoberts was a two-man band advice firm which also traded under the A.M. Wealth Management Services brand, according to its FCA Register entry.

Director Allan McRoberts was previously an adviser at Positive Solutions – the network Aegon sold to Intrinsic in 2013 before its offices were wound down – and True Potential.

Solihull-based Montpelier Group (Europe), which acted as a pensions administrator, suspended new business in 2011. It went on to sell its Sipp book amid a fine by former regulator the FSA, before the liabilities were transferred to a new advice firm, Merito Financial Services, in 2013.

Balfour Group Limited, based in Edinburgh, initially dissolved in 2013, according to its Companies House record. Its accounts suggest it was involved in advice, with amounts owed to a related company Balfour Wealth Management for commission payments due to advisers.

Its FCA Register entry lists that it traded under the Balfour Mortgage Solutions brand as well.

The remainder of the list includes a mortgage adviser, The Mortgage Matters Partnership, and a number of vehicle finance related firms: S.J.R. Cars Limited, Eastgate Motor Company Limited, Poole Car Centre Limited and JDV Limited (trading as Devries Honda).

FSCS chief corporate affairs officer Alex Kuczynski: “FSCS steps in to protect consumers around the UK when authorised financial services firms go bust. This vital service, which is free to consumers, protects your deposits, insurance, investments, home finance and debt management. We want anyone who believes they may be owed money as a result of their dealings with any of these firms to get in touch as we may be able to help you.”

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  1. It’s all very well for this bloke Kuczynski to say that the “FSCS steps in to protect consumers around the UK when authorised financial services firms go bust”, but the real problem for those of us forced to fund the scheme is that ever more firms are going bust and defaulting on their liabilities because the FCA has failed to do its job properly and avert train wrecks BEFORE they occur.

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