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Alexander David Securities Ltd

Was Alexander David Securities Ltd involved in your pension?

Did you receive a call offering a free pension review from St Pauls Marketing Limited or Templeton Securities Limited?

If so – you may want to check for pension mis-selling and claiming compensation.

The Financial Ombudsman Service upheld complaints against Alexander David Securities.

Why?

It found that the advice given to some clients was unsuitable and transfers were not in their best interests.

Latest on Alexander David Securities Ltd – FSCS declares default

On April 30 2024, the Financial Services Compensation Scheme declared Alexander David Securities Ltd (ADSL) in default.

The FSCS began investigating the firm in July 2022 when ADSL entered creditors’ voluntary liquidation and joint liquidators were appointed.

It’s been reported that the FSCS has received 463 claims against Alexander David Securities Ltd relating investment and pension advice.

So far it has upheld one claim, rejected 51 and is still processing the remaining claims.

Check for Pension Mis-selling

The BAD news:

Pension Mis-selling can affect anyone and has caused huge losses

The GOOD news:

Compensation payments are hitting record figures every year

FSCS Claims against Alexander David Securities

The Financial Services Compensation Scheme (FSCS) is now accepting claims against Alexander David Securities Ltd (FRN 469150).

In January 2024 the FSCS confirmed it had completed its investigation into ADSL in relation to the activities of Appointed Representatives – St Pauls Marketing.

The FSCS’ investigation centred on customers who had been introduced by St Pauls Marketing to JLG Group Plc.

Formerly known as The Just Loans Group Plc/Just Loans Plc.

These clients then switched their pension arrangements into a Self-Invested Personal Pension (SIPP) with Gaudi, in order to invest.

The FSCS confirmed it can consider claims against ADSL for the activities of St Pauls Marketing from 12 October 2015 to 15 August 2017 (when St Pauls ceased to be regulated).

 

Appointed Representatives

According to their FCA register entry, there were several firms who were once appointed representatives of Alexander David Securities Ltd.

These were:

St Pauls’ Marketing Ltd and Templeton Securities limited are mentioned in several Financial Ombudsman Service decisions which were upheld against the firm.

FCA identified “serious concerns” about Alexander David Securities Ltd

Between June 2020 and April 2022, the Financial Conduct Authority placed several requirements upon the firm.

The first in June 2020 was a voluntary requirement to cease all regulated activity and withdraw promotional activity.

Then in April 2022 the regulator prevented the firm from disposing of assets without its approval and issued a First Supervisory Notice.

This notice said FCA had “identified serious concerns relating to ADSL in that its conduct appears to demonstrate that it poses a significant risk of harm to consumers”

This specifically related to the failure to pay compensation in respect of seven complaints upheld by the Financial Ombudsman.

Alexander David Securities Ltd had not satisfied the FCA that it had sufficient resources to meet its potential liabilities, which were estimated to be over £1.1m!

FOS Complaints against ADSL

In April 2022 the Financial Ombudsman Service confirmed to the FCA that it had over 30 open cases against Alexander David Securities Ltd.

Many of these complaints relate to allegations that one of ADSL’s approved representatives provided “unsuitable investment advice” to customers.

This resulted in clients moving funds in their SIPP into debentures issued by a company with shares quoted on the Cyprus and Vienna Stock Exchanges.

In one decision the Ombudsman commented that “..this is one of a number of complaints we have received and which I have seen against St Pauls Marketing Limited; all of a similar nature, involving seemingly similar circumstances and the same investments.”

 

Want help checking for mis-sold pension advice?

If you are concerned about the advice you received from Alexander David Securities Ltd we can help.

Our free consultation can help you check if the advice you received was suitable.

If not you may have a case to claim compensation.

It’s simply a chat with one of our experienced claims handlers to initially assess if we think you have a claim.

Our assessment is free and there’s no obligation to use our service

Reasons To Choose Us:

1

We win more than 9 out of 10 complaints

2

Our fee is 15% +VAT on the total monies offered for a successful claim and is capped at £7,500 +VAT

3

There is no charge for unsuccessful claims

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    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.