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Strand Capital update

Strand Capital Insurance May Pay Claims Over Company’s Collapse

06/25/2018

Investment portfolio managers Strand Capital have been in Special Administration for some time now, and now the administrators have put Strand’s professional indemnity insurer ‘on notice’ to pay claims. Welcome News For Strand Investors The news could be just what some Strand clients are hoping to hear, as more details about the collapse become apparent, … Continued

IFAs should have better PI insurance

FSCS tells Financial Advisers to get better insurance to pay out claims

06/25/2018

The Financial Services Compensation Scheme has told financial advisers they must take out better professional indemnity insurance to help pay out consumers over the huge number of claims being made for negligent financial advice. Mark Neale, the FSCS’s chief executive wants PI companies to take a bigger share of the compensation bill for things like … Continued

Make a complaint about Guiness Mahon SIPP pensions

Claims against Guinness Mahon SIPPs may be on the horizon over pension mis-selling

06/05/2018

Several law suits are staring down SIPP provider Guinness Mahon regarding its relationship with marketing firms who directed people towards Guinness Mahon SIPPs filled with high-risk investments. While many claims against financial advisers who recommended Guinness Mahon SIPPs have already paid out due to negligent financial advice, claims against SIPP providers are quite rare as … Continued

High risk recycling fund

FOS hits adviser for not monitoring client’s SIPP investments

06/04/2018

The Financial Ombudsman Service has upheld a complaint against Sebastian & St James International Financial Advisers over a fall in one of their clients’ pension pots. The Client, who met another IFA who’s back in 2011, was advised to transfer his retirement funds into a SIPP: Self-Invested Personal Pension, amongst other things. But as part … Continued

How big is the pension mis-selling crisis

Is The True Scale Of The Pension Mis-Selling Crisis About To Be Revealed?

06/04/2018

You’d think that between industry specialists like Get Claims Advice, and authorities like the Ombudsman and the FCA, we’d all be able to estimate the true scale of the pension mis-selling crisis to a penny, but the truth is far more complicated… Many Victims Still Unaware Because pensions are complicated, and because the effects of … Continued

FOS see's a rise in SIPP complaints

Further 37% jump in SIPP complaints to the Ombudsman – Are you affected?

06/04/2018

If you are having second thoughts about your SIPP pension transfer, a new statistic released by the Ombudsman may let you know that you’re not alone… Complaints about SIPP pensions have risen 37% over the last 12 months, according to new data released by the FOS. SIPP pensions are different to many other personal pensions, … Continued

PwC set to take £100m in fees from Beaufort Securities administration

Beaufort Securities clients’ losses may exceed compensation limits

05/10/2018

Some clients of Beaufort Securities have received news of a potential shortfall between their losses through the firm, and what the FSCS can pay out. PwC had already written to around 14,000 clients of insolvent Beaufort Securities and Beaufort Asset Clearing to say they had got their hands on about £50million in ‘segregated client money … Continued

Strand Capital missing bond money

Strand Capital Saga: Possible Court Action Over “Missing £500k” Bond

04/26/2018

The Special Administrators for Strand Capital (now in special administration) could soon be heading the courtroom over “missing” £550,000 bond coupons. Problems at Strand Capital Strand Capital entered insolvency proceedings back in 2017, with 3000 clients and supposedly over £100,000,000 assets under management. According to New Model Adviser, the Administrators have faced obstacles with their … Continued