The Government backed Financial Services Compensation Scheme (FSCS), set up to help victims of failed financial firms, has recently confirmed on its website that financial advice firm, Multicorp Rose Limited (formerly Multicorp Rose Group Limited) has: "failed, or is in special administration".
Troubled Multicorp Rose entered into voluntary liquidation in 2019 facing complaints that it provided unsuitable advice to transfer pensions into Self Invested Personal Pensions (SIPPs) causing investors to lose out. Multicorp Rose has previously been accused of working with an unauthorised pension “introducer” firm to generate clients using “cold calling” and intensive sales tactics.
The FSCS update paves the way for affected investors to submit a claim for any losses caused by Multicorp Rose’s unsuitable advice.
Recovering Compensation
+ −Despite Multicorp Rose’s liquidation, investors concerned about losing their investment and/or the advice they were given, may still be able to recover compensation for their losses.
Where an investment provider goes out of business, compensation claims up to the value of £85,000 can still be made through the FSCS.
TLW Solicitors’ view
+ −Commenting on recent developments with Multicorp Rose, Peter McKenna on LinkedIn, Partner and Head of the Financial Mis-Selling team at TLW Solicitors said:
“We act for a number of former clients of Multicorp Rose who, in our view, were given totally unsuitable financial advice. We are pleased that the FSCS has now accepted that the firm cannot meet its liabilities to its former clients and that our clients will now be able to recover compensation for the losses they suffered due to the unsuitable advice they were given.”
Financial Mis-Selling Specialists
+ −Working on a ‘no win – no fee’ basis, TLW’s experienced team can help you through the FSCS compensation process. Our clients are reassured by our knowledge and experience of FSCS procedures and, indeed, we have had FSCS claims successfully upheld for clients whose claims had previously been refused on purely technical grounds.
TLW Solicitors Can Help
+ −If you are concerned about your, a friend or loved one’s investment through Multicorp Rose, please get in touch with TLW Solicitors by calling 0800 169 5925, email or complete the call back form below.
Time limits can apply, so you should contact us without delay.
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“We act for a number of former clients of Multicorp Rose who, in our view, were given totally unsuitable financial advice.”
Peter McKenna
