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FSCS pays out £5.7m in claims against just two advice firms Contact us ON 0161 850 9069

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FSCS pays out £5.7m in claims against just two advice firms

 

The Financial Services Compensation Scheme (FSCS) has reportedly paid out more than £5.7m in compensation claims for the “bad” financial advice given by Financial Page Limited and Henderson Carter Associates.

According to reports these payments relate to pension switching advice to invest in the AIGO fund through self-invested personal pensions (Sipps) but the companies advised on investments in at least two more funds that the FSCS is concerned about.

Both of these companies are now in administration and the FCA has noted on its register it has “serious concerns” regarding the adequacy of their pension advice, making reference to their relationship with Hennessey Jones Limited (an introducer firm)

The FCA have imposed restrictions on Financial Page’s https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000UZbQEAA1 pension business and removed their permissions to advise on pension transfers into sipps and facilitating into non standard investments (including AIGO and Hennessey Jones Bonds) .

Henderson Carter Associates https://register.fca.org.uk/ShPo_FirmDetailsPage?id=001b000000MfnYjAAJ have also been told to cease all pension business (including transfers and non standard investments) pending a review.

It’s also thought the FSCS is expecting to pay out in relation to business written by a separate advice firm, Bank House Investment Management, which was declared in default in April 2017.The firm has received no claims in relation to the AIGO fund but is believed to have facilitated pension switching into the other two funds being investigated by the FSCS.

If you are concerned about the advice you have received regarding transferring your pension into a SIPP and want to speak to one of our experienced Claim Handlers, call 0161 850 9069 for free initial consultation.

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