The Monetary Providers Compensation scheme has as we speak declared three monetary recommendation companies as failed, together with two SIPP-related and one linked to BSPS.
The transfer opens the doorways to ex-clients to say as much as £85,000 per declare in the event that they had been wrongly suggested.
The failed companies are Aqua Monetary Providers Restricted previously Aqua IFA Restricted (FRN 228652), Strategic Funding Options Restricted previously Cobco (291) Restricted and Denton Mortgages & Loans (FRN 230902), and Recent Monetary Options LLP (FRN 471129).
All three had been declared failed on 25 March.
The FSCS instructed Monetary Planning At present it had obtained six claims towards Aqua Monetary Providers Restricted of Cheadle in Cheshire. 4 had been rejected and the primary declare has simply been upheld, triggering the default. The claims had been pension switch and SIPP associated. The FCSS confirmed that the agency did advise some BSPS members.
The FCA Register confirmed that Aqua IFA was registered in January 2004 however misplaced its authorisation in September 2018.
The FSCS mentioned it had obtained three claims towards Strategic Funding Options Restricted of Didsbury in Manchester, all pension switch associated. The primary declare has simply been upheld.
The FCA Register confirmed that Strategic Funding Options was registered in March 2004 however misplaced its authorisation in September 2023. It was generally known as Denton Mortgages & Loans between 2005-2006, AS Mortgage Providers from 2005-2018, F S Pension Options Restricted 2010-2013, Cashback Pensions 2011-2013, F S Pension Options 2013-2021, Clear Reduce Pensions 2013-2022 and AS Mortgage Providers 2020-2022.
The FSCS mentioned it had obtained 5 claims towards Belfast-based Recent Monetary Options LLP. It mentioned the claims had been throughout just a few of its protection areas together with house finance and insurance coverage, with most of them being from just a few years in the past and had been rejected. It mentioned one declare has simply been upheld which was SIPP associated.
The FCA Register confirmed that Recent Monetary Options was registered in October 2007 however misplaced its authorisation in March 2015.
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.
The Monetary Providers Compensation Scheme plans to extend its workforce by about 25% by 2024/25 to deal with a surge in complicated circumstances, the physique confirmed to Monetary Planning At present in January.
The FSCS headcount is ready to rise from 254 to 321 with the recruitment of 67 new workers.