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July 9, 2024

Round up of firms declared in default by FSCS in June

The Financial Services Compensation Scheme (FSCS) declared four pension and investment related firms in default in June. It also placed three firms under investigation.

Let’s take a look at the latest on these firms…

Haich & Associates Ltd, formerly 14Lights Ltd and NPD International Ltd was the first firm announced to have failed on 11th June.

The FSCS reportedly told the FTAdviser that it had received 50 claims against the firm.  So far, three claims were rejected and one upheld.

The remainder are still in progress. All claims relate to investment advice.

Broadlands Partnership was declared in default on 11 June. The FSCS has reportedly received 8 claims against the firm in relation to home finance, investments and pension advice. Only one claim regarding pension advice was successfully upheld.

Mackie Wealth Management Ltd failed with the FSCS on 20 June after one of two complaints relating to investment advice was upheld.

The FSCS declared MacInnes and Bottomley in default on 27 June after reportedly upholding one of two claims made against the firm.

The other claim relating to pension transfer advice was unsuccessful.

According to reports the FSCS confirmed there was no record of the firm on the FCA register and no evidence of the FCA or FSA regulating the firm.

TenetConnect under FSCS investigation

Both TenetConnect Ltd and TenetConnect Services Ltd were placed under investigation on 5 June 2024 after going into administration along with parent firm Tenet Group Ltd.

TenetConnect Ltd and TenetConnect Services Ltd oversaw networks of financial advisers, who operated as Appointed Representatives (AR’s).

The FSCS said it was aware that a number of customers were due to be contacted as part of a past business review into Defined Benefit pension transfer advice.

It confirmed that this advice was given to these customers by Appointed Representatives who were under the regulatory responsibility of the two firms.

The FSCS is not currently open to claims against TenetConnect Ltd or TenetConnect Services Ltd while it processes the data provided about past business reviews.

The third firm placed under investigation was Foreign Currency Innovations, trading as FCI Markets. It offered a range of brokerage services including contracts for differences (CFDs), rolling spot currency contracts and spread bets.

The FSCS is open to claims but says it’s working with the Joint Liquidators to understand whether there are likely to be valid claims.

Important Information!

You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.

It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.