The Financial Services Compensation Scheme (FSCS) will commence its examination of claims against the collapsed advisory firm Tenet in the early months of 2025. An update on its website indicated that the FSCS has gathered sufficient information since the...
The Financial Conduct Authority (FCA) intends to fine and ban financial advisers Richard Fenech and Heather Dunne for their flawed defined benefit (DB) pension transfer model, which resulted in over £126 million being transferred from pension schemes,...
Whisky enthusiasts may find it easier to justify purchasing rare Scotch this Christmas, as prices for top single malts have nearly halved. According to the Financial Times, bottles sold at auction for over £1,000 have decreased in value by 40% since...
St. Martin's Partners, based in Essex, used an unregulated introducer model to attract clients looking to transfer their pensions. The Financial Conduct Authority (FCA) has decided to ban four individuals associated with an advice firm that facilitated...
FSCS looks into allegations against DFM related to the hotel project in Cape Verde. Clients were urged by Central Markets Investment Management to move their pension funds to a Cape Verde offshore real estate plan. A discretionary fund...
High Street Group is facing liquidation, leaving individual investors more than £100 million in losses The North East development company, High Street Group, which has faced challenges, is in the process of being liquidated as the administrators...
A shake-up of planning, housing, and employment laws has been promised in the King's speech A Planning and Infrastructure Bill that aims to expedite planning decisions for major infrastructure and house building was highlighted in the King's...
Was there insufficient oversight of Hartley Pensions? The collapse of Hartley Pensions, known for rescuing troubled Sipp providers, has raised concerns about FCA supervision. Over 16,000 clients' Sipps have been in limbo for 2.5 years, prompting...
FSCS has incorrectly informed thousands of clients that solicitors have been de-authorised The Financial Services Compensation Scheme (FSCS) mistakenly sent out thousands of letters to claimants, wrongly informing them that their representatives were no...
Last August, Tenet made the decisive announcement to close its mortgage and protection business, as well as financial advice networks after incurring significant losses over the past few years. The move resulted in almost 100 job losses and both TenetConnect...
SIPP provider Intelligent Money has gone into administration, with its client accounts and assets transferred to pension administrator Quai through a pre-pack administration deal. The FCA announced that joint administrators from Interpath Advisory were...
The advice sector is under the cosh as it struggles to respond to the previously underestimated demands of consumer duty. Just nine months ago, the gossip was all about giant St James’s Place, but now the pain has arrived at the doorstep of...
Manchester-based financial advice firm Ashworth Wealth, trading as Pension Advice Specialists, has been declared failed by the Financial Services Compensation Scheme (FSCS). In a statement released on 26 March 2024, the FSCS confirmed that customers can...
St. James's Place (SJP) has provisioned £426m to refund clients for ongoing advice fees after reviewing its back-book, leading to a dividend cut of over 50%. Review of the fee for ongoing advice After receiving an increased number of complaints...
The industry lifeboat fund has declared the firm in default, preparing to compensate affected clients. The discretionary fund manager (DFM) Blankstone Sington has been declared in default by the Financial Services Compensation Scheme (FSCS). The FSCS has...
The Financial Conduct Authority (FCA) has banned Susan Jones and Simon Lewis from providing advice on transfers and pension opt-outs. This action was taken due to the unsuitable advice given to clients of the British Steel Pension Scheme (BSPS) when they...
Law wasn’t always my first choice of career. I had plans of following in the steps of my mum and being a chemist, but after a stint of Triple Science in secondary school my Chemistry Teacher for some inexplicable reason put me off a career in...
Law wasn’t always my first choice of career. I had plans of following in the steps of my mum and being a chemist, but after a stint of Triple Science in secondary school my Chemistry Teacher for some inexplicable reason put me off a career in...
LEBC, which had £5bn of assets and private equity investors, is likely to result in FSCS claims for advice on transferring from DB pensions. The national advice firm LEBC Group, which has collapsed, is now subject to claims under the Financial...
The JCT suite offers off-the-shelf building contracts for construction projects in the UK. Its popularity is due to standardised forms for a wide range of projects and fair terms for all parties. Even though they are standardised, amendments can still...
An IFA company in Chester that had connections to British Steel has been declared failed following an investigation by the FSCS. Arrow Financial Services was dissolved on 22 June 2022 and placed under investigation on 24 April 2023. The FSCS is...
The Competition and Markets Authority has made it clear that it will take action against companies that offer Will-writing, divorce, and probate services while breaking consumer protection laws. The CMA stated in announcing a consumer enforcement probe in...
Over 300 claims are expected to be filed against the defunct advisory business Wellington Court Financial Services. The Financial Services Compensation Scheme (FSCS) has already started paying out claims with over £260,000 paid out for five successful...
We represent businesses all over the UK that might be due a sizeable settlement from energy companies. Due to hidden commissions paid by energy suppliers to third-party introducers or brokers, thousands of businesses and other organisations across the UK...
Debt recovery is essential for businesses to maintain financial stability. Unpaid debts can negatively impact cash flow, profitability, and even the overall survival of the business. It is important for businesses to have a clear process in place for debt...
The FCA's redress programme for former members of the British Steel Pension Scheme (BSPS) who transferred out after obtaining inappropriate advice has belatedly been accepted by the British Steel Adviser Group (BSAG). The BSAG have also confirmed they...
For both companies and their personnel, managing the impacts of menopause at work is crucial. It can be a challenging and stressful period for people who are suffering from symptoms. Each person will go through menopause in a unique way, and for some, the...
Our expert construction dispute resolution team has the experience and sector understanding needed to get the best result for you in complex, high-value construction disputes and claims when problems do emerge. Our staff frequently gets involved in a project...
The FCA has found an additional 11 advising companies that are contacting former British Steel Pension Scheme (BSPS) participants with unsolicited restitution proposals, which could mean that the steelworkers are not covered by the BSPS redress programme. ...
Financial Services Compensation Scheme has settled claims against failing provider Berkeley Burke SIPP Administration (BBSA) for a total of £58.8 million. As of January 11, the lifeboat system reported receiving 2,155 claims against Berkeley Burke...
A Will is not unusual, or something that only needs to be done by the very wealthy. It is surprising then how many people still don’t have a Will, or drafted a Will so long ago that it may no longer be relevant. The article below answers some...
The FCA has warned that a judicial challenge to the regulator's British Steel Pension Scheme (BSPS) redress plans by an IFA pressure group might cause the scheme to be delayed and prevent steelworkers from filing complaints with the Financial Ombudsman...
It is a staggering statistic that across all sectors, 8% of business debts are simply written off as bad debt. Debt recovery for any business is perceived as a loss leader. Most businesses are resigned to accepting that with all the best...
Many of us have sat at home searching the Internet for quick ways to earn some extra money. Often, we find websites or advertisements promoting financial products, such as shares, bonds, or CFDs. The latter is an extremely complicated financial product that...
IF YOU HAVE USED AN ENERGY BROKER IN THE PAST TO ARRANGE YOUR GAS AND/OR ELECTRICITY THEN STATISTICS SHOW THAT 60% OF THOSE DEALS HAD A HIDDEN COMMISSION. As a client of Smooth Commercial Law, we thought you may be interested in an update on the work we...
Aidan Henderson, Andrew Page and Thomas Ward have all been fined by the Financial Conduct Authority (FCA) earlier this year for negligent pension transfer advice. Henderson worked at Henderson Carter Associates Ltd and Page and Ward both worked at Financial...
The FCA has fined Pembrokeshire Mortgage Centre Limited which trades as County Financial Consultants, £2.4m for negligent pension transfer advice given to British Steel pension Scheme (BSPS) members. The firm had advised over 400 consumers on whether...
Speaking at a press conference this morning, the FCA’s director of consumer investments Therese Chambers said the British Steel situation was ‘truly unprecedented’ and the complex decisions steelworkers were forced to make required...
The FCA has reported that eight firms who appeared to have connections to each other and may have advised on substantial investment sums have entered liquidation following several warnings from The Financial Conduct Authority (FCA. The firms...
Portal Financial Services which is also known as Portafina or PFS, which has 152 upheld complaints regarding unsuitable transfer advice is no longer able to process claims. The firm is now pointing new claimants towards the Financial Services Compensation...
Financial Conduct Authority (FCA) could face civil damages lawsuits. Currently, The Financial Service and Markets Act 2000 gives the FCA and Prudential Regulation Authority immunity from civil liability in damages caused by negligence. Citywire New...
Currently, section 21 notices enable private landlords to repossess their properties from assured shorthold tenants without having to establish fault on the part of the tenant. In April 2019 the then Government announced that “private landlords will no...
Following a review, the advice network Tenet Group has set aside £13.7m for redress over the advice given to members of the British Steel Pensions Scheme In December 2021, the group was contacted by the FCA in connection with a multi-firm thematic...
Louise Burns-Lunt BFP FCA summarises the Chancellor’s his mini budget, with changes being made across a number of areas in an effort to stimulate the economy and assist individuals with the cost of living crisis. Income Tax There will be a cut in...
CityWire reported yesterday that Succession Wealth has set aside £10.5m to compensate for unsuitable defined benefit (DB) pension transfer advice. The provision, included in financial statements for 2021, relates to an advice firm Succession acquired....
The FCA has announced that the £1.4bn SIPP firms Rowanmoor Personal Pensions Limited have entered administration. Adam Stephens and Chris Allen of Evelyn Partners (formerly Tilney Smith & Williamson) have been appointed as joint administrators by...
The Northampton-based firm Better Retirement Group has had 16 complaints upheld against them relating to defined benefit pensions transfer advice by the Financial Ombudsman Service (FOS). Five of the complaints made were from members of the British Steel...
On Friday 29 th July Hartley Pension fell into administration, the firm has been under investigation by the Financial Services Compensation Scheme (FSCS). The firm also trades under Recovery SIPP, Resolution SIPP, and Hubwise Hartley SIPP. The FCA had...
Rikki Nicholls and Mark Kelly have been sentenced to six years in prison for pretending to be financial advisers. The two men ran an unregulated business together that defrauded over 250 clients. The pair facilitated placing £22m of pensions funds into...
Hartley Pensions has had another FCA ban preventing it from accepting ongoing contributions into self-invested personal pensions (SIPPs) and self-administered pension schemes (SSAS). It has been reported the Sipp firm has serious operational and...
It’s been reported that Vintage Investments Services have proposed a partnership voluntary arrangement. The firm is on the brink of collapse after it fell into trouble over mounting pension transfer claims relating to the British Steel Pension Scheme. ...
New guidance has been released from Fertility Matters At Work an organisation which set up by three women who have had a career working in HR and reflect on their own personal fertility journeys. The guidance has been put together for employers to support...
Across the country, thousands of people call in sick each year due to illnesses. Depending on the severity absence from work can range from a few days, a week, or months. A sick note is required if the employee is absent for more than 7 days, sick note is...
The FCA has been challenged by The Personal Finance Society (PFS) over their approach to compensating British Steel Pension Scheme (BSPS) members. The PFS has reported that the FCA’s assessment tool process is not sophisticated enough. It has been...
The Financial services Compensations Scheme have upheld 25 cases against Wellington Court Financial Services after it was discovered the firm gave unsuitable pension transfer advice. On Wednesday 22 nd June 2022, the FSCS said it intended to work...
Citywire has reported that the Financial Conduct Authority (FCA) has invited around 300 advice firms to a discussion regarding the British Steel redress scheme (BSPS). The roundtable will be held virtually on 27 th and 28 th June. The group is made...
The Financial Services Compensation Scheme (FSCS) has said the limit people can claim for the loss of their pension should rise closer to £375,000. Currently, clients of collapsed pension firms can only claim up to £85,000 from the lifeboat...
It was good to attend the annual Chartered Institute Of Tax dinner at the Crowne Plaza in Liverpool last night and catch up with many fellow professionals we haven’t managed to see for many years. We were particularly honoured to be joined by Brian...
On 17 th March 2022, Heritage pensions Ltd was placed into liquidation. Directors of Heritage appointed Paul David Williams and Edward Robert Bines of Koll Advisory as joint Liquidators. The FSCS is investigating the SIPP administrator to see if there are...
On 19 th April 2022, in the case of Adams v Options, the Supreme Court refused the SIPP operators application for permission to appeal and as such there will be no further consideration of this case by the Courts. With the uncertainty that followed the...
The Upper Tribunal found five advisers guilty of not scrutinising where pension funds were being invested. The FCA has banned the five former advisers for their role in a pension switching scheme into high-risk investments which led to funds being...
The Supreme Court has finally given its decision and denied permission to appeal in the long-standing Adams v Carey Pensions case. The case attracted industry-wide interest around SIPP provider obligations when accepting investments....
Sipp provider Heritage Pensions entered liquidation on 17 th March after its directors became insolvent. Four upheld complaints were published by the FOS each determined Heritage should have to pay the maximum fair compensation award of £150, 000. ...
AJH Financial Services, an IFA firm based in Swansea who gave pension transfer advice to British Steel members has come under the regulatory spotlight once again. On the 14th February, an alert was published by the regulator raising the concern that AJH...
Sipp firm Corporate and Professional Pensions who are based in Weymouth have fallen into administration after they were unable to pay a string of Financial Ombudsman Service (FOS) decisions upheld against it. The most recent complaints related to...
PurpleBricks could have to pay £30m in compensation after putting landlords at risk of being fined. The company’s share price has plummeted over 20 percent following the news. In a statement this morning Purplebricks announced it was delaying...
FSCS’s lifeboat fund said a significant proportion of its pay-outs are over poor advice. The FCA have reported suggesting they axe investment advice from FSCS’s remit. The FCA states poor advice is the main reason for the soaring high complaints...
The Financial Services Compensation Scheme (FSCS) has paid out £4.7m in respect of Total Wealth Solutions, a collapsed IFA that advised clients to invest their pensions in a fraudulent Brazilian forestry scheme. In 2017 the Bedfordshire- based firm...
The FCA has been accused of unlawfully changing its complaints scheme “via the backdoor” to avoid paying compensation. Last year the Financial Conduct Authority published guidelines that said consumers would only be entitled to compensation when...
Reports have been published highlighting the reasons for auditors resigning from the High Street Group after compiling the company’s accounts. Accountants PwC stood down as auditors of High Street Group - the developer behind Hadrian’s Tower in...
Ombudsman backs client after TenetConnect failed to give her suitable advice. The individual who is known as Mrs L to protect her identity raised the claim with FOS after unsuitable advice caused her to pay tax that she felt could have been avoided. Mrs...
The UK government have set out a long-awaited Heat and Building strategy to set out a road map on how we can decarbonise our homes. Part of the strategy includes grants to help people replace their boilers with air-source heat pumps. The current cost for...
It is believed that the number of advice firms being investigated as part of the British Steel Pensions Scheme (BSPS) probe has increased in the last month. Around 40 firms are now under FCA enforcement investigation over advice given to steelworkers in...
Self-invested personal pension (SIPP) provider ForthPlus Pensions has entered administration after failing to secure continued professional indemnity insurance (PII). Forthplus had around 2,500 customers which were predominantly in the UK. The company...
850 footballers are demanding compensation from 17 firms after players performance information was published without their consent. Data like the players, height, average goals per game, which the players do not receive any payment for. Under article 4 of...
Provident Financial has set aside £50m to repay customers who were sold unaffordable loans. Customers will not get all their money back as the court has agreed on a compensation scheme with the firm to ensure that it does not go into liquidation. Why...
Once again, the hapless consumer is paying the price for the greed of others, but consumers have been paying more for their energy than they should have for many years. Secret Commissions If you or your business swapped energy suppliers, especially by...
A global surge in wholesale power and gas prices has shocked the world, this could see major energy companies go bust. Many households may be looking to switch to a new energy supplier on a cheaper tariff, however, please be aware of the hidden commissions...
Our client was wrongly advised by St Pauls Marketing Limited (an Appointed Representative of Alexander David Securities Limited) to transfer her pension to a self-invested personal pension (SIPP) and invest in an unsuitable investment. Our client was cold...
David Smith, Legal Executive at Smooth Commercial Law has been dealing with a case for over a year for a client who was wrongly advised on their pension investments. Negligent advice was provided by an IFA to our client to instruct them to transfer their...
We’ve been celebrating some victories for clients this month with an end to some quite protracted negotiations with insurers and their agents on our client’s BI claims. Louise Burns-Lunt our in-house chartered accountant has been handling the...
Our clients invested into Dolphin Trust, later known as German Property Group, in 2017. They did so by purchasing a loan note for £20,000.00 following advice from Active Wealth (UK) Limited. The Dolphin Trust, now known as The German...
The Deregulation Act 2015 (the “Act”) received Royal Assent on the 26 March 2015 and amended provisions in both the Housing Act 1988 (“HA 1988”) and the Housing Act 2004 (“HA 2004”). The Act introduced a number of...
According to Zurich's latest SME Risk Index, over half of Britain's SMEs have problems with late payment, with £225bn in unpaid invoices . These figures highlight the common problem of late payment. Unpaid invoices can have severe...
The recent Court of Appeal decision in the case of Cardiff County Council v Lee held that the Court's permission is required to issue a warrant for possession on a Suspended Possession Order ('SPO'). Previous process to request a warrant ...
