Independent Portfolio Managers – a mini-bond manager based in London, has been declared in default by the FSCS, meaning that as many as 2000 former clients may be able to make claims for compensation. The firm, which was incorporated back in 1996, when into liquidation in November 2018, and was previously regulated by the Financial…
Financial news publication, Citywire, has published an article chronicling the FSCS’s 2018 story, including focuses on the SIPP pension mis-selling scandal and the final salary pension transfer problem. What is the FSCS? The Financial Services Compensation Scheme is the lifeboat fund for the financial services industry in the UK. Different to the FCA (which makes…
The Financial Services Compensation Scheme is forecasting an extra £69 million levy to pay for pension mis-selling compensation, as claims about SIPP pensions and final salary pension transfers appear to rise. As the ‘lifeboat’ scheme for the financial services sector, the FSCS is often responsible for paying claims when companies can’t either because they cannot…
The Financial Services Compensation Scheme, which acts as a lifeboat to pay claims when firms cannot, has received over 1,400 mis-selling claims relating to the Beaufort Securities scandal. Beaufort, which entered into administration back in March shortly after it was revealed that parties relating to Beaufort were caught up in an FBI sting, provided discretionary…
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…
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…
The Financial Services Compensation Scheme has paid out £112 million in the 2017/2018 period for mis-sold SIPP claims, as the number of complaints about SIPP pensions continues to rise. Around 69,980 people in total used the FSCS last year to make a claim against a company that defaulted (meaning the firm could not pay compensation…
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…
Time for a SIPP Health Check? The Financial Services Compensation scheme has told Life & Pensions advisers that they are set to pay £87m to help fund the SIPP Claims compensation whirlwind it has to pay out to people who have been mis-sold their SIPP pension investments. Speaking about the increase, the FSCS confirmed they…
It means that the FSCS will pay out on successful claims against both companies The FSCS has declared 15 firms in default, meaning that the Financial Services Compensation Scheme is satisfied that the company can no-longer pay out compensation to people who have received negligent financial advice from the firm. J Richfield J. Richfield, which also…