FSCS opens to claims against Alexander David Securities Limited and Templeton Securities Limited

Alexander David Securities Ltd is an FCA-regulated firm which was authorised to conduct investment-related activities. On 1 July 2022, it entered creditors’ voluntary liquidation.

The Financial Service Compensation Scheme (“FSCS”) is now accepting claims against Alexander David and its appointed representatives.

Between 15 July 2013 to 19 August 2015, Templeton Securities Limited (“Templeton Securities”) was an appointed representative of Alexander David. This means that any claim against Templeton Securities should be made in the FSCS.

Recent Financial Ombudsman decisions against Alexander David and Templeton Securities

The Financial Ombudsman Service (FOS) has found in favour of several investor who invested into Emmit and Eligere shares using Templeton Securities.

Investors opened account with Templeton Securities after transferring their private pension into a SIPP and receiving advice from non-authorised introducers based in Spain.

These non-authorised introducers were giving instructions to the investors about the steps to follow to invest and providing them with the wording they had to use in the emails with Templeton. So, the investors only had to “copy and paste” the email and forwarded this to Alexander David.

Emmit and Eligere were high-risk investment into niche shares, and they were the type of investments nobody invests their pension.

Many investors were under the impression they were opening an advised account.

FOS have concluded that Templeton Securities were receiving an unusual number of new instructions from retail customer to invest into Emmit and Eligere which have the same pattern and they should have put them in alert. Templeton Securities should have become suspicious of such identical pattern and identical wording instructions from investors with no connection between them.

Templeton Securities should have conducted further enquiries. Had Templeton Securities carried out further enquiries, they would have discovered that the advice received by many investors were inconsistent with their circumstances and unsuitable for their pension fund. This advice was being given by unregulated introducers based in Spain.

In these circumstances Templeton Securities should have exercised its discretion to decline to accept the instruction.

As a result of Templeton Securities failures, the investors have loss all their investment.

What happens next?

FSCS is reviewing claims from investors who have lost money in the Emmit and Eligere investments.

You don’t need to instruct a Solicitors firms or Claims Management Company (CMC’s) 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

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