FSCS Roundup of Latest Failed Financial Services Firms

The FSCS website provides up to date details of failed firms which for May and June 2024 include:

Chestergate Financial Services Ltd, formerly Bradshaw Bennet Independent Financial Advisers Ltd, failed on 14th May after one successful pension transfer claim.

Intelligent Money Ltd, a Self-Investment Personal Pension provider, was placed in Administration on 28th May, and its SIPP business was transferred to Quai Administration Services Limited. Over 10,000 clients who hold a workplace pension within Intelligent Money’s scheme have been transferred to Digital Wealth Systems Limited. The FSCS says it will investigate whether there are likely to be any eligible claims against Intelligent Money, which could “take us some time”.

Tenet Ltd, TenetConnect Ltd and TenetConnect Services Ltd entered into Administration on 5th June, and Tenet Mortgage Services Ltd and Tenet Financial Services Ltd have ceased trading. Tenet was one of the oldest advice networks in the UK, but has received complaints from customers who were given pension transfer advice by the firm’s appointed representatives. The FSCS is not open to Tenet claims yet as they gather more information as part of their investigations, which could take several months.

Haitch & Associates Ltd, previously known as 14Lights Ltd and NPD International Ltd, failed on 11th June. The investment manager firm was investigated regarding its involvement in advising and selling investments, including BoxVn and NQ Minerals plc bonds.

Foreign Currency Innovations Ltd, trading as FCI Markets, failed on 12th June. The firm offered a range of brokerage services, including what is considered to be high-risk Contracts for Difference (CFDs). The FSCS has asked FCI Ltd’s customers to provide any evidence they may have relating to their investments to help with their investigations.

Broadlands Partnership, trading as Concept Wealth Management, Wynne Evans Trading as Evans Jones & Co, Dragon Financial, and Manning Gee Investments, failed on 14th June. There has been a successful pension claim against the firm.

Mackie Wealth Management Ltd failed on 20th June. It has two investment advice claims against it, one of which has been upheld.

MacInnes & Bottomley failed on 27th June. It has two pension transfer claims against it, one of which has been upheld.

If you or a loved one have been the victim of financial mis-selling, sub-standard investment advice, or you have transferred your pension and lost out financially, and if the firm that advised you has gone out of business or is no longer trading, we can help.

Our FSCS team’s expertise allows us to navigate the requirements on your behalf, and we specialise in getting you the full value of the compensation you are owed, keeping you up to date at every stage of the process.

For many reasons, seeking professional legal help when making an FSCS claim is a good idea. The claims team at TLW Solicitors should be at the top of your list because:

• We know that the FSCS will generally rely on the information they are given rather than question it, so we will ensure that the FSCS has all the correct details from the outset with which to assess a claim.
• We understand the financial jargon that claimants face and can explain it in a straightforward and easy-to-understand way.
• Through our up to date case management systems we will proactively send reminders to the FSCS, ensuring your case moves forward as quickly as possible.
• We will take the hassle out of making your claim if you cannot commit time to the often complex process.
• We can work out if there are ways to reassign claims to ensure you achieve the maximum compensation possible.
• We monitor investments and will go back to the FSCS after firms fail, ensuring you get all the compensation you are owed.
• We understand the appeals process if your claim has already been rejected.

Reflecting on the latest list of failed firms, TLW Legal Director, Sarah Spruce said:

“Losing money through financial mis-selling can leave you and your loved ones worried about the future. Unfortunately, financial firms can fail, adding to your concerns, but help is out there. My specialist team has years of experience in dealing with a wide range of claims involving failed firms.

If you are unsure if you have a valid claim, get in touch for a no-obligation review of your case and to discuss your next steps, including whether you may be eligible to make a no-win, no-fee refund claim.”