Karl Jones, trading as Total Financial Solutions was declared in default by the FSCS in July 2021.
The FSCS usually declares a firm in default when they are satisfied there are existing protected claims against the firm and that the firm is unlikely to be able to pay compensation.
The firm hasn’t been authorised by the FCA since December 2018.
It has been reported that 22 complaints have been made by clients against Karl Jones, trading as Total Financial Solutions.
These relate to SIPPs, debentures, investment bonds and unregulated collective investment schemes.
The FSCS has paid out more than £77,000 to two customers who had their claims successfully upheld.
A majority of pension mis-selling cases occur because of poor or negligent financial advice.
If a regulated company or adviser has recommended a product that isn’t suitable for you or they didn’t adequately explain the risks involved, this may be mis-selling.
This could involve advice on an investment, a pension transfer or personal pension such as a SIPP.
If you’d like to know if the advice you received may have been mis-sold, we may be able to help.
We offer a free assessment to help establish if the advice you received was suitable or not and if you have grounds to proceed with a claim for compensation.
Whilst each case is individual, as mis-selling specialists we know to look for certain signs that in our experience indicate that mis-selling may have happened.
Our assessment is free and there’s absolutely no obligation to use our service if you have case.
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.