Displaying items by tag: FSCS

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.

The Financial Services Compensation Scheme has declared in default a company with three trading names, including two Financial Planning arms, after at least one BSPS claim.

Channel One Financial Planning, one of the firms associated with claims linked to the British Steel Pension Scheme (BSPS), has been declared in default by the Financial Services Compensation Scheme.

The Financial Conduct Authority and Prudential Regulation Authority have launched a consultation on the management expenses levy limit for the Financial Services Compensation Scheme (FSCS).

The Financial Services Compensation Scheme (FSCS) has told clients of failed SIPP provider Forthplus Pensions to bring claims against their financial advisers.

The Financial Services Compensation Scheme has declared a Nottingham-based wealth manager in default amid a flood of claims, many relating to SIPPs transfers.

The FCA has launched a major review of the funding of the Financial Services Compensation Scheme due to soaring costs, including rising SIPP claims.

The Financial Services Compensation Scheme reported today that it has so far received 1,018 claims from former members of the British Steel Pension Scheme (BSPS).

All remaining eligible London Capital & Finance (LCF) bondholders will receive an offer of compensation from the Government’s compensation scheme by 20 April.