News and Knowledge

Have you lost money investing throughout Fortrade Platform?

Fortrade Ltd is an online trading platform that allows investors to invest in Contract For Differences (CFDs).   Fortrade only offers ‘execution only’ accounts, which means they should not provide clients with any advice. CFDs are considered complex investments and unsuitable for the vast majority of retail investors.     What has Fortrade done wrong? The…

Tenet Group falls into administration as FSCS launches investigations

A Leeds-based financial advice firm has appointed administrators after Tenet Group Limited and its subsidiary firms Tenet Limited, Tenet Connect and Tenet Connect Services collapsed yesterday, June 5th.   As a result of this, the FSCS have now opened an investigation into the firms. The FSCS have said that the FSCS is handling the failures…

SIPP provider Intelligent Money Limited enters administration

Intelligent Money Limited is an investment management firm, ISA plan manager and self-invested personal pension (SIPP) provider.   The company has around 20,000 clients, with around £1.4 billion in assets under management. They are authorised and regulated by the FCA. However, the firm officially entered administration on 28th May 2024.     Why have they…

Romance Scam: Woman conned out of life savings after man claimed to be a spy

A woman has spoken out after she was conned out of her entire life savings by a man who claimed he was a spy.   According to the BBC, notorious Mark Acklom tricked Carolyn Woods into thinking he was an MI6 agent and successful businessman in order to take a total of £850,000 from her.…

Fighting authorised push payment scams – Final decision

In December 2023, the Payments Systems Regulator issued their final decision which set out the final details of a new reimbursement requirement policy for all payment service providers.   Fighting authorised push payment scams – A new reimbursement requirement In June 2023 the Payments Systems Regulator issued a statement (PS23/3) which introduced a new reimbursement…

Authorised Push Payment scams labelled the most common scams – fraud and scam complaints to the Financial Ombudsman on the rise

Authorised Push Payment (APP) fraud or scams are the most common type of financial scam in the UK, and it is as simple as tricking someone into sending money under false pretences.   What is APP fraud? APP fraud or scams typically happen when fraudsters manipulate their victims into making payments under false pretences. They…

7 ways you could accidentally invalidate your life insurance

Life insurance is there to financially support your family and loved ones when you die. By paying a premium while you are alive, it can help with expenses such as funeral and burial costs, inheritance and replacement income for dependents when you are no longer here.   But life insurance is a contract, and if…

10 ways you could accidentally invalidate your car insurance

Car insurance is there to protect drivers financially if they have an accident or if their car is damaged or stolen.   However, a car insurance policy is a contract, and if the driver is seen to have broken the contract, the insurer may refuse to pay out. There are a few different types of…

St James’s Place Wealth Management: Am I eligible for compensation?

The financial advice firm St James’s Place is being criticised for what many describe as high and unreasonable fees.   What is St James’s Place Wealth Management? St James’s Place (SJP) is a wealth management company which is there to help you manage your finances in the best way possible. This could be providing guidance on where…

St James’s Place Wealth Management to pay back clients up to £426million

St James’s Place Wealth Management has put aside £426million to pay back clients who did not receive the services they were promised.   The Wealth Management company, which aims to provide clients with advice to help them manage their finances effectively, said it noticed a surge in customer complaints at the end of last year.…