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Beaufort wing to cease to accept new monies or assets

09/11/2017

The list of FCA restrictions to Beaufort operations seems to be growing Beaufort Asset Clearing Services Limited is the latest section of Beaufort to have restrictions added to it’s FCA register record, in this case meaning that the Asset Clearing wing must “cease to accept new monies or assets”, including from either “new or existing … Continued

can we close the loop-hole on pension cold-calls

Collapsed Strand Capital declared in DEFAULT with the FSCS

09/07/2017

This means that the FSCS is convinced that the DFM can’t pay claims made against it The Financial Services Compensation Scheme has declared that Discretionary Fund Manager, Strand Capital, is now in default and cannot pay claims to clients or former clients. It also means that the FSCS is likely to have to step in … Continued

Medical and Professional Financial Management in Default with FSCS

09/07/2017

The same firm was ordered to pay a client compensation by the FOS for mis-selling investments through SIPPS A new list of 17 advice firms who have been declared “in default” with the FSCS has been published via a press release, featuring Medical and Professional Financial Management, an Edinburgh based firm that is no-longer authorised … Continued

Gleeson Bessent: Insolvency Services shuts down TWO pension trustee firms following investigation

09/04/2017

Gleeson Bessent Trustee Services and Gleeson Bessent Trustees offered high-risk investments to ordinary investments as part of their pension schemes. Following an investigation by the Insolvency Service, the High Court has wound-up two pension trustees which administrated over 9 different pension schemes, all of which were occupational, including Focusplay Retirement Benefit Scheme, as well as … Continued

DFM

Organic Investment Management DFM told to re-submit company accounts!

09/04/2017

The DFM’s auditor had a shareholding in the firm, as well as a pension scheme! Organic Investment Management, which had it’s FCA permissions restricted earlier this year so it can no longer accept new money, has now been told to re-submit it’s 2016 accounts, after it was revealed that accountant Roger Bessent “had a stake” … Continued

Why is the government banning cold-calls about pensions?

08/21/2017

It’s not just because they’re a nuisance The UK government is getting ready to BAN the practice of cold-calling in an effort to curb the huge increase in mis-sold and fraudulent pension schemes and transfers. While not all mis-sold pensions involve a cold-call from a marketing company, many do, as high-risk pension arrangements such as … Continued

207 firms cease trading after FCA revokes authorisation

08/17/2017

The firms failed to comply with “basic regulatory requirements”. In the year leading up to June 2017, over 200 firms have their FCA authority taken away for basic compliance issues – everything from failing to pay their fees to not submitting their returns, it has been revealed. For a financial services company to trade in … Continued

Enquiries about SIPP and pension transfers increase AGAIN, says Ombudsman

08/15/2017

Are you sat on a SIPP complaint? The FOS (Financial Ombudsman Service) has published figures that show a 59% increase in enquiries relating to Self-Invested Personal Pensions (SIPPS) in Q1: April – June 2017, along with a rise in complaints regarding pension transfers. The service which has the power to force companies to pay clients compensation … Continued

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