Financial Page Limited entered liquidation in July 2017 and is due to be dissolved in February 2020.
In September 2016 the firm was asked by the Financial Conduct Authority (FCA) to stop all pension switching or transfer business, and told not to dispose of their assets ‘without the prior consent of the FCA’.
It was also told at the time it needed to restrict its business with Hennessey Jones, its appointed representative and a lead generator.
The FCA said Financial Page Limited must ‘not carry on any activities in relation to pension switches and/or pension transfers to any SIPP, to facilitate investments into non-standard assets, (including the AIGO fund and Hennessey Jones Bonds)’
The regulator also told the firm it could not dispose of their assets ‘without the prior consent of the FCA’.
The full FCA decision can be reviewed here.
The regulator claimed Financial Page Ltd had “little meaningful oversight” and involvement in the service provided to its customers.
The regulator also stated “Financial Page held themselves out to customers as providing bespoke independent investment advice based on a comprehensive and fair analysis of the whole market, but that did not reflect the reality of the service that was provided.
In reality, customers were recommended pension switches and pension transfers to products that invested in high risk, illiquid assets which were unlikely to be suitable for them.”
The regulator alleged Financial Page “closed their minds to the obvious risks” of the products recommended and acted “recklessly”.
