SIPP adviser fails after upheld complaint

A financial adviser firm - Chesterton Grant Limited of Yorkshire - has been declared as failed by the Financial Services Compensation Scheme after a complaint about SIPP advice against the firm was upheld. The firm is one of three advisory firms declared as failed or under investigation by the FSCS in the last few days, opening the door to potential claims and compensation. The three firms are: Chesterton Grant Limited (FRN: 408148). Listed as failed. The FSCS has received one claim relating to SIPP advice that has been upheld. There is no indication that the claim is BSPS related. The firm ceased to be authorised after 14 June 2023. It was based in Deeside, Wales, and offered a range of services including mortgages, protection and retirement planning. Some 20 regulated staff are listed on the FCA register as having worked for the firm. Carl Julian Hanson trading as Bright Future (FRN:479765). Listed as failed. The FSCS has so far received two claims against this firm, both relating to pension transfer advice. One has been rejected and one is still in progress. There is no indication that the claims are BSPS related. Carl Julian Hanson, trading as Bright Future, was based in Batley, Yorkshire, and was no longer been authorised after March 2010. MCI Global Investment Advisors Ltd (FRN: 948996). This firm is under investigation but the FSCS is accepting claims from customers who believe they may have a potential claim. The firm, based in Manchester, was authorised since 4 January 2022 but in September this year an application to cancel its authorisation was made. MCI Global Investments Advisors Limited, manages the Novus Black alternative investment fund, and has entered Creditors’ Voluntary Liquidation following an FCA warning last week about “significant losses” at Novus which were not reported to investors. The FSCS can pay out up to £85,000 per successful claim to clients who have lost money. So far in October six firms have been declared as failed or under investigation by the FSCS, with nearly 30 firms this year declared as failed or under investigation.

SIPP adviser fails after upheld complaint

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