News and Knowledge

15 Regulated Advisory Firms Declared in Default

The Financial Services Compensation Scheme (FSCS) has declared 15 new advisory firms in default during February 2020.   A company/firm is declared in default when it is no longer able to financially bear to pay compensations for claims against it.     The firms are: Hector McLean Financial Consultants J Associates Knight Finance (European) Limited…

Rating Scores For IFAs

A common sight outside eateries and often publicised on social media (if they’re terrible), the Food Standards Agency (FSA) holds a lot of sway with its rankings of food establishments based on quality and cleanliness.   With this system in mind, the Parliamentary Review published an article that suggested such a ranking system exist for…

How to Spot a Pension Scam

According to the Financial Conduct Authority (FCA) and the Pensions Regulator (TPR), the Express has reported that two-thirds of those asked would trust anyone offering them pensions advice, even if they hadn’t sought it out. Interestingly, the findings concluded that more highly educated individuals were more likely to succumb to a scam, with a bigger…

SIPP Claims Soar – Advisers’ FSCS bill to reach £213m

Levies across advice firms for the next financial year have been forecast at £213m by the Financial Services Compensation Scheme (FSCS). The rise in Self Investment Personal Pensions (SIPPs) is to blame, with claims against SIPP providers expected to increase by more than double over the 2020-2021 period. This rise is due to nine providers…

£86m FCA Trial To Go Ahead Despite Suspension Request

As reported in the Financial Adviser, a request to delay the trial of two unregulated introducers and their management who transferred £86m-worth of pension assets, has been rejected. The plea was made as the defendant made the claim that he was suffering from ill-health. Initially, the case was brought to light by the Financial Conduct…

SVS Securities Goes into Administration – Could You Claim?

In August 2019 The Financial Conduct Authority (‘The FCA’) put the financial advisor and investment provider SVS Securities Ltd into default and the firm has consequently entered administration.   The decision by the FCA arises as a consequence of the firm’s general lack of due diligence, their failure to advise clients adequately on how risky…

17 Regulated Advisory Firms Declared In Default

The Financial Services Compensation Scheme (FSCS) has declared 17 new firms in “default” for the period between August 2019 and October 2019. The firms are: • Valiant Financial Consultants, Kent • N-Hanced, Tyne and Wear • AETC Associates, Bradford • Bellfield Financial Services, Glasgow • St Martin’s Partners, Essex • Strathearn Insurance Services, London • Property Finance…

Wave of Annuity Mis-Selling Claims – FCA Warns Pension Providers to Brace Themselves

An annuity is a financial product that guarantees the purchaser an income stream during their retirement in return for a lump-sum premium paid upfront at retirement – usually from the proceeds of a pension. The importance of getting the best deal possible on an annuity cannot be overstated. Indeed, in many cases the income generated…

British Steel Pension Scandal – S&M Hughes Limited Enters Liquidation

S&M Hughes Limited has started liquidation proceedings. The firm was ordered to immediately cease all regulated activities by the Financial Conduct Authority in May 2019. Several steelworkers had enlisted the help of S&M Hughes Limited to transfer out of the British Steel Pension Scheme (BSPS) – a scandal which has resulted in thousands of individuals…

Are You a Victim of Pension Miss-selling?

The Financial Services Compensation Scheme (FSCS) recently published details demonstrating the astonishing scale of the pension miss-selling scandal that is currently engulfing the financial services sector. In total, during 2017-2018, the FSCS paid in excess of £112m to Claimants in compensation for negligent pension advice. Adding fuel to this fire, the FCA (the financial services…