Greyfriars Asset Management LLP, a firm that dealt with both SIPP pensions and Discretionary Fund Management (DFM), has gone into administration. A note on the official public record (The Gazette) said that Greyfriars have appointed administrators from Smith & Williamson LLP on the 23rd of October 2018. What does “going into administration” mean? Going into administration…
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The Financial Services Compensation Scheme has declared five financial advice firms in default in the month of September 2018. They are: Cygnus Investment Management Ltd Soussan, Esq Foreman Financial Services Ltd (Graingerco) Independent Mortgage Advice Bureau (Stevenage) Ltd The Financial Factory Ltd What does being declared in default by the FSCS mean? When claims are…
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The Financial Services Compensation Scheme (FSCS) has already received 221 claims for the advice given by Active Wealth UK Ltd, and 14 claims have already been paid. Active Wealth (UK) Ltd is known to have been “at the centre” of the British Steel Pensions scandal, in which many people were often wrongly told to transfer…
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TPR bans for pension scam quartet The Pensions Regulator has banned four people from becoming pensions trustees after their hand in a pension cold-calling scam that ruined the retirement plans of 245 people. The four people, named in Citywire as David Austin, Alan Barratt, Julian Hanson and Susan Dalton, were all involved in a “pension…
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STM Group, a firm listed on the Alternative Investments Market (AIM), has purchased ‘troubled’ SIPP provider Carey Pensions in a new deal with around Four-Hundred-Thousand pounds. The deal appears to have gone ahead, despite the fact that Carey Pensions is facing ongoing court cases over some if its SIPP pensions. Carey Pensions may be in…
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With the advice that people received to transfer their final salary and other defined benefit pensions very much in the spotlight, a new study by Royal London has shown just how damaging a final salary transfer can be to some unsuspecting people. The research data showed that pension savers who were around 10 years away from…
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Future Capital Partners Limited, the firm that managed the liquidated bio-fuels investment Elysian Fuels, has itself entered into liquidation. The news of FCP entering liquidation, which began in early September 2018, follows months of industry speculation after it was revealed that it was facing closure as HMRC probed investors. Elysian Fuels was declared a tax…
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That’s the big question many people who were persuaded through cold-calls, glossy brochures and free holiday seminars are now asking; were they mis-sold their Timeshare and can they get Timeshare compensation? The answer is never that simple, as there are differences in the contracts signed, the companies involved. Not only that, but many of the…
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The Financial Services Compensation Scheme, which has been responsible for paying out claims for the negligent advice of The Pensions Office Limited since the firm collapsed, it apparently set to place a claim with the firm’s liquidators for a figure over £25 million. Some clients who received negligent advice from The Pensions Office and have…
DetailsThe trustees of 14 pension schemes have received a joint letter from The Pensions Regulator (TPR), The Financial Conduct Authority (FCA) and The Pensions Advisory Service (TPAS), urging them to do more to stop potential scam pension transfers and protect their members. The letter included one that should be forwarded on to scheme members who…
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