The Monetary Providers Compensation Scheme (FSCS) has declared Sheffield-based Abbey Lane Monetary Associates Restricted (FRN 649170) as failed.
The declaration of default on the agency opens the door to former purchasers with legitimate claims to hunt compensation of as much as £85,000 per declare.
The FSCS advised Monetary Planning Right this moment it has acquired 44 claims towards Abbey Lane for pension switch recommendation, with one declare having been upheld – triggering the default declaration.
One declare has been rejected whereas the opposite 42 stay in progress.
The compensation physique confirmed it had acquired complaints towards Abbey Lane linked to the British Metal Pension Scheme (BSPS).
The FCA Register reveals that the agency is in an insolvency course of. Which means it stays authorised and has to fulfill the regulator’s requirements.
On the agency’s web site it states: “The corporate has ceased to commerce and Roderick Graham Butcher of Butcher Woods was appointed Liquidator on 21 March 2023.” It was positioned beneath investigation by FSCS at the identical time.
In accordance with Corporations Home data, the agency had £60,641.64 of whole property out there for potential collectors on the time of its liquidation, which was lowered to £56,290.43 after £4,351.21 was earmarked to repay to HMRC.
The data present that the corporate had 4 shareholders on the time of its liquidation, named as Scott Leigh, Vanessa Leigh, Alan Maguire and Zoe Maguire, all of Sheffield.
The agency has had a number of restrictions positioned on its actions since February 2023, in keeping with the FCA Register. Mainly it can’t maintain and can’t management shopper cash. Additionally it is not allowed to make unsolicited settlement affords to shoppers and should adjust to the BSPS redress scheme for any shopper that had beforehand accepted unsolicited settlement affords.
The Register reveals that the agency acquired authorisation in April 2015. It beforehand traded as Medishield Well being from November 2014 to June 2015 and likewise traded as Abbey Annuities from November 2014 to February 2017.
Greater than 40 monetary recommendation companies hit by BSPS claims have to this point failed with a number of extra beneath investigation, newest FSCS knowledge reveals.
Claims regarding the recommendation companies at the moment are being dealt with by the FSCS. Complete compensation prices are anticipated to run into the thousands and thousands. Many advisers linked to BSPS failed companies have been banned or fined or each.
BSPS claims come up from members of the British Metal Pension Scheme who had been suggested by the recommendation companies to switch their pensions to a different supplier. In lots of instances the recommendation was poor or deceptive, the FCA has stated.
One other BSPS-linked agency was declared in default immediately (25 March), Aqua Monetary Providers Restricted of Cheadle in Cheshire.
Earlier this month the FSCS declared Swindon-based recommendation agency AP Monetary Providers UK Ltd in default after upholding a pension switch grievance towards the agency.