Just Loans Group PLC – Can I make a claim?

FSCS opens to claims against St Paul’s Marketing Limited’s principal firms, including Just Loans Group PLC.

St Paul’s Marketing Limited was authorised to carry out financial activities under the umbrella of  Alexander David Securities Limited (ADSL) and City One Securities Limited (“City One”).

ADSL and City One have been declared ‘in default’ by the Financial Service Compensation Scheme (FSCS).

If you transferred your pension on the advice of St Paul’s Marketing Limited and subsequently invested into Just Loans, you may qualify for compensation.

Financial Ombudsman decisions against St Paul’s Marketing Limited (as appointed representative of ADSL)

The Financial Ombudsman Service (FOS) has found in favour of several investor who invested into Just Loans Debentures Bonds on the advice of St Paul’s Marketing Limited.

Investors transferred their private pension into a SIPP after being cold called by St Paul’s Marketing Limited and promising high returns investments.

St Paul’s Marketing failed to carry out an appropriate assessment of the investors needs and their appetite regarding risk. Had St Paul’s Marketing carried out an appropriate assessment, they would have concluded that Just Loans Debentures bonds weren’t appropriated for many investors.

Likewise, FOS has concluded that had investors been informed of the features of a SIPP and the high-risk nature of the Just Loan bonds, they wouldn’t have opened a SIPP and subsequently invested into Just Loans.

Debentures bonds are insecure by nature and any return are subject to the performance of the company that issue the bonds. As a result of St Paul’s Marketing Limited failures, the investors have loss all their investment.

If you have lost money, you may be entitled to compensation up to the current value of your former pension if you hadn’t transferred this.

What happens next?

The FSCS is reviewing claims from investors who may have received unsuitable advice.

You don’t need to instruct a Solicitors firm or Claims Management Company (CMC) to make your claim in the FSCS.

Nevertheless, it may be a bit frustrating to deal directly with FSCS as they may turn down your claim due to a technicality or because key grounds have not been particularised. It can be helpful to have the support of a professional that deals with these kind of claims every day to make the process stress free and easier.

Why should I use a solicitor?

By using a solicitor who is a specialist in pension mis-selling, you will ensure that you put your best case forward and maximise your chance of success.

We have seen numerous cases in the past where mis-selling victims have pursued a legitimate claim themselves, only to have it turned down due to a technicality or because key grounds have not been particularised.

Further reading

Mis-sold pensions – Oakwood Solicitors

Financial Services Compensation Scheme – Oakwood Solicitors

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