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Citywire publishes FSCS 2018 roundup, including SIPP collapses & more

05/12/2018

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

28/11/2018

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

15/11/2018

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

31/10/2018

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

30/10/2018

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?

25/10/2018

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

Screenshot of future capital partners elysian fuels company

Elysian Fuels saga: Future Capital Partners Limited enters into liquidation

02/10/2018

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 … Continued

Insurance companies force advisers to pay more amid pension advice scandal

13/08/2018

Financial advisers that want to continue to give people pension transfer advice over their final salary pensions or other types of Defined Benefit pensions may have to pay more to professional indemnity insurers due to a growing mis-selling scandal. After studying the advice of around 13 companies who gave advice about transferring final salary pensions, the … Continued

high-risk investments in pensions

152 Financial Advice Firms Questioned over High Risk Investment Recommendations

23/07/2018

The financial services watchdog – the FCA – has collared 152 financial advice firms over their involvement with high-risk investments. The recommendation of high-risk investments to people that aren’t suitable for them has become a huge problem for the industry, and tens of thousands of people are put at risk through SIPP pensions. Stemming the … Continued

bad financial advice claims

Alarm Bells As Finance Bosses Investigate 33 Firms For Bad Advice

09/07/2018

The Financial Conduct Authority, who are in charge of all regulated financial advisers in the country, have launched an investigation into 33 financial advisers who are suspected of giving poor advice. SIPP pensions, in particular may be on the agenda, as the amount of compensation paid out over mis-sold SIPPs increased again to £112million from … Continued