FSCS declares 2 pension recommendation corporations as failed

 

Two pension adviser corporations have been declared as failed by the Monetary Companies Compensation Scheme.

The declaration opens the door to ex-clients with legitimate claims to hunt as much as £85,000 in compensation.

The 2 corporations are:

• Chesterfield-based Holistic Pension Switch Specialists (FRN 747407). The agency was declared in default by the FSCS this week after the primary declare was upheld. There are 11 claims in complete and to this point one has been rejected and one has been upheld. Many of the claims are pension switch recommendation associated, the FSCS stated.

• East Sussex-based J Monroe Ltd (FRN 791232) was declared in default in the present day after the primary declare was upheld. The declare is known to be SIPP associated.

Holistic Pension Switch Specialists was authorised from 2017 and continues to be authorised, in response to the FCA register, however is now going by way of insolvency. The one regulated particular person listed on the FCA register as working for the agency is SMF1 chief government Stephen Frederick Hardy.

J Monroe, which additionally traded as Compendium Wealth and Summit Wealth Administration, was primarily based in Hailsham, East Sussex and ceased to be authorised after August 2021. It was a member of the Validpath IFA community and described itself as offering “impartial Monetary Planning companies.”

Quite a few individuals had been linked to the agency, with Julian Kim Monroe listed because the CF1 director. The agency is now in liquidation.

A string of pension switch advisers have failed in current instances. In June the FSCS declared Glasgow-based monetary adviser agency MacInnes & Bottomley (FRN 121661) in default after a primary declare was upheld. The agency presently has two claims towards it, each for pension switch recommendation.

Eight monetary recommendation corporations had been declared in default or underneath investigation by the FSCS in June.

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