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Torch Wealth Management to pay up over SIPP advice

03/11/2019

Financial advice firm Economic Financial Solutions IFA, which also went by the name of Torch Wealth Management, is set to pay a client compensation over SIPP pension advice. The Financial Ombudsman Service decided that Mr M’s complaint should be upheld, after he said he had suffered “severe financial losses” as a result of Torch Wealth … Continued

Mis-sold carbon credits pension claims

Liberty SIPP makes the news with more links to high-risk investments

01/16/2019

SIPP pension provider Liberty SIPP is again ‘under fire’ over its links to high-risk and unregulated investments. Some SIPP companies allowed investments in alternative schemes, often based abroad and not regulated by the watchdogs at the FCA, including Liberty SIPP. Often linked to the Ethical Forestry situation, in which the Costa Rican forestry scheme entered … Continued

Man confused over financial advisers responses

Financial advice firm refuses to declare that it gave advice over SIPP

12/10/2018

Lighthouse Advisory Services – a principal IFA that has operated with several Appointed Representatives, has been told to pay compensation to a client by the Financial Ombudsman, because it refused to sign paperwork declaring that it gave financial advice. In a recently published financial ombudsman case, Mr B was given advise to transfer his two … Continued

1 year

Citywire publishes FSCS 2018 roundup, including SIPP collapses & more

12/05/2018

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 … Continued

Lots of pound coins

FSCS may have to levy another £69m to pay for pension mis-selling compensation

11/28/2018

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 … Continued

Stacks of claims against Beaufort Securities

1,400 claims against Beaufort Securities land with FSCS

11/15/2018

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 … 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

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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