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Mps meet steelworkers

MPs to meet with steelworkers as pension mis-selling saga rumbles on

11/13/2018

Westminster will play host to steelworkers caught up in the mis-sold British steel pension transfer scandal, in an effort to hear and address concerns over the compensation offers being made to people who have lost out by transferring. It is believed that some financial advisers used fear tactics and uncertainty over the future of the … Continued

1000 claims against SIPP providers

Financial Ombudsman receives 1,000 complaints against SIPP providers

11/07/2018

For some time now, many people have wished to make claims against their SIPP provider because of supposed due diligence and responsibility failings that allowed unsuitable high-risk investments to take place. But such claims have been effectively put on hold for years while the responsibilities of SIPP providers has been debated. A huge part of … Continued

FCA letter to SIPP providers labelled important

SIPP administration firms under FCA scrutiny over insolvency plans

11/07/2018

SIPP administrators are being quizzed by the watchdogs and rule-makers at the Financial Conduct Authority (FCA) over the plans they have in place should they become insolvent, and over their general resilience. The Regulator wrote out to SIPP providers following a ‘Dear CEO‘ letter the previous week, to ask them questions about their professional indemnity … Continued

Concept image of a circuitboard with the FCA

Finance watchdogs look to Artificial Intelligence to detect mis-selling

10/31/2018

The UK regulator for the financial services sector – the FCA – is looking at how A.I and ‘machine learning’ may be used in the future to help detect financial advisers who mis-sell products, such as pensions and mortgages. The FCA’s Richard Monk, who is currently acting director of strategy, announced at a conference that … Continued

A judges gravel

Berkeley Burke loses SIPP due diligence appeal

10/30/2018

SIPP provider Berkeley Burke has lost its Judicial Review case against the Financial Ombudsman’s decision to hold it accountable for a SIPP complaint case. The FOS ruled against Berkeley Burke back in 2014, saying that it failed to do the required due diligence checks over taking on high-risk and unregulated investments onto it’s books. High Risk … Continued

Shuttered doors at Greyfriars asset management

Greyfriars Asset Management SIPP & DFM goes into administration

10/29/2018

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 … Continued

FSCS List

5 financial advisers declared in default with FSCS: Can you claim?

10/25/2018

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 … Continued

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