Displaying items by tag: FSCS

Two advice firms have been declared failed by the Financial Services Compensation Scheme this week, including a Financial Planning firm which has 25 pension transfer claims against it, including BSPS cases.

The FSCS has received nearly 3,000 claims against 116 advice firms involved in recommending pension products from failed SIPP firm Rowanmoor.

Major SIPP and SSAS firm Rowanmoor Personal Pensions Limited (RPPL) has gone into administration.

Pensions broker Daniel Stewart & Company plc has been declared in default by the Financial Services Compensation Scheme (FSCS), opening the door for investors to claim compensation.

The Financial Services Compensation Scheme has declared two advice firms in default with over 88 pension transfer claims between them.

The FSCS has joined forces with the FCA and Financial Ombudsman Service to investigate a Telford-based pension transfer adviser with links to a Portuguese expat specialist company.

The Financial Services Compensation scheme is investigating Wellington Court Financial Services Ltd over the transfer of client pensions into a SIPP.

The Financial Services Compensation Scheme (FSCS) has called for the £85,000 compensation limit to be reviewed for pension claims.

The Financial Services Compensation Scheme (FSCS) has opened the doors to compensation on two Financial Planning firms it has declared in default.

The compensation body declared Juno Moneta Capital Management Ltd and Westbury Private Clients LLP in default yesterday.

The FSCS will now step in to assess and pay accepted claims for compensation and try to recover losses if possible.

Westbury Private Clients was authorised by the FCA as a wealth management firm. It operated as a discretionary fund manager for the Westbury SIPP.

The firm went into liquidation in March 2018.

The FSCS said it has received claims from customers highlighting concerns that Westbury Private Clients did not carry out enough due diligence in relation to transfers/investments into the Westbury SIPP. The claims questioned the suitability of Westbury SIPP as an investment vehicle, due to the high-risk nature of the investments which led to investors losing money.

The FSCS said it has received 16 claims against the firm so far, 10 of which are in relation to SIPPs.

The compensation body added that it is currently investigating whether the firm has breached FCA rules, and whether it can pay compensation to customers.

The body has received two pension transfer claims so far for Cheltenham-based Juno Moneta Capital Management Limited. It was formerly known as Corcillum Limited and traded as Morgan Peterson and BL Financial.

The Financial Services Compensation Scheme has taken the unusual step of naming two firms suspected of trying to scam LCF mini-bond victims.