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Kings

Failed 31/03/2023

FRN: 197285

FSCS declares Kings in default

Kings was declared in default by the Financial Services Compensation Scheme on 31 March 2023.

Kings was a ‘major pension unlocking firm’ and between December 2001 and June 2004 over 2.5k clients were referred to Kings to ‘unlock’ their pensions. The combined fund value was over £82m.

The FCA register states that Kings hasn’t been authorised since January 2013 and that the firm had two Appointed Representatives which were Regal Financial Services and Regal Partners Ltd

Kings fined for pension unlocking ads

In 2005 the FSA (predecessor to the FCA) imposed a £60k fine on the firm for breaching the rules and principals regarding ” approval of financial promotions for pension unlocking which failed to be clear, fair and not misleading”

The FSA said it found Kings’ failings to be ‘particularly serious’ for the following reasons:

” The financial promotions concerned the pension assets of customers who were approaching retirement. As such, it was essential that the financial promotions were clear, fair and not misleading and disclosed adequately the significant risks and drawbacks associated with raising funds through pension unlocking. However, together with other deficiencies, the financial promotions which form the subject matter of the Notice contained either no risk warning or a warning which was not fair and adequate.”

According to the FSA notice, information provided by Kings at the time indicated at least 1237 clients were initially contacted by Regal Partners as a result of the non-compliant TV adverts.

Claims against Kings

Eligible claims against Kings will now be processed by the Financial Services Compensation Scheme (FSCS)

The FSCS has so far received 21 claims against Kings, of which 17 have been unsuccessful and three are still in progress.

However, one claim was upheld by the FSCS which triggered the declaration of default.

Here’s some useful links to help you start a claim yourself…

You can make a claim yourself for free against Kings with the Financial Services Compensation Scheme.

Making a claim
Contact Us

Money Helper
How to spot a pension scam

Money & Pensions Service
How MaPS can help those who have been scammed on their pensions

 

If you want a service to handle your claim for you…

We are one of the UK’s leading compensation claims companies specialising in mis-sold pension and investment claims.

Our claims service includes full investigations and total management of the claim on your behalf.

For successful claims our fee is calculated at 15%+VAT (total 18%) of the total amount of compensation offered to you and is capped at £7,500 + VAT.

If we are unsuccessful in securing an offer of compensation, you will not have to pay any fee.

Key Facts

1
The Financial Services Compensation Scheme declared Kings in default by in March 2023.
2
Our free initial assessment can help you check if you have a claim for pension mis-selling. No obligation to use our service!

We win more than 9 out of 10 claims

The cost of our service is 15% + VAT on the total monies awarded for a successful claim. Our cost is also priced capped at one of the lowest rates.

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.