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R&Quiem Financial Services Limited formerly Oval Financial Services Limited

R&Quiem Financial Services Limited was formerly known as Oval Financial Services Limited.

The Financial Services Compensation Scheme (FSCS) recently investigated R&Quiem Financial Services to see if it could accept claims.

It’s latest update states “Although FSCS can’t accept your claim, there are further actions you can take.”

However, there was no information on what clients should do next if they have a claim.

Here’s some useful information on R&Quiem Financial Services Limited formerly Oval Financial Services Limited and making a claim…

 

Complaints against R&Quiem Financial Services Limited

Several complaints have been upheld by the Financial Ombudsman Service against R&Quiem Financial Services Limited.

The most recent of which concern advice to transfer pensions into SIPPS and the high charges involved.

These complaints date back to when the company was trading as Oval Financial Services.

Oval Financial Services was the IFA division of the Oval Group, which was purchased by AJ Gallagher in 2014.

It was then acquired by Randal and Quilter Insurance Holdings in June 2014 and the name was changed to R&Quiem Financial Services Ltd.

Oval Financial Services was appointed by Final Salary schemes to provide financial advice to their members.

They recommended transfers out of the Final Salary’s as the schemes were offering a transfer enhancement.

This is usually considered poor advice.

What can I do if I want to claim against R&Quiem Financial Services Limited?

The Financial Service Compensation Scheme was initially accepting claims against R&Quiem Financial Services Limited.

However, a recent update has stated that this is currently not the case as the FSCS has decided the firm, or related firm “could deal with claims itself.”

The FSCS usually steps in when a firm is unlikely or unable to pay any compensation and that they are satisfied there is at least one eligible claim.

This means if you want to make a claim against R&Quiem Financial Services Limited, formerly Oval financial Services Ltd you will need to submit a complaint directly to the firm.

What can I do if my claim against R&Quiem (Oval financial Services) has been rejected by the FSCS?

It’s possible your claim may have been rejected by the FSCS because they are not accepting claims against R&Quiem Financial Services.

If this is the case you may still be able to make a claim against R&Quiem Financial Services Limited (subject to time limitation rules). However, you will need to make a complaint directly to the company.

They will have a complaints process which you should ask for and follow. Firms usually have up to 8 weeks to resolve your complaint and it’s advised to keep a note of all correspondence and calls.

If you’re unhappy with their final response or the way they have handled your complaint, you may be able to refer it to the Financial Ombudsman Service (FOS). You will need to follow the complaints process before you can ask the FOS to look at your case.

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