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St Pauls Marketing

Did you get a call from St Pauls Marketing Limited offering a free pension review?

If you transferred your pension on the advice of St Pauls Marketing Ltd and invested in Just Loans Group (JLG), you may have been mis-sold. And could claim compensation.

St Pauls Marketing was registered with the FCA as an Appointed Representative of two authorised firms.

These were Alexander David Securities Limited and City One Securities.

According to companies house CEOs of both Alexander David Securities Limited and City One Securities had directorial connections with St Pauls Marketing.

Alexander David Securities Limited and City One Securities are no longer in business and were declared in default by the FSCS following customer complaints.

Prior to this, the Financial Ombudsman Service (FOS) upheld dozens of complaints in favour of clients of these two firms, which also involve St Pauls Marketing.

Why are people complaining about St Pauls Marketing?

People are complaining about the advice St Pauls Marketing gave them to transfer their pension.

According to the complaints upheld by the Ombudsman, clients were “cold called” by St Pauls Marketing and offered a free pension review.

They were then advised to transfer their pension funds into SIPPS that involved Just Loans. At the time, Just Loans had only been in existence for 18 months.

The funds were then invested into high-risk, illiquid investments – Just Loans Debenture Bonds. And many clients were promised ‘guaranteed returns’ return of at least 6% per year.

Unfortunately, most clients were relatively inexperienced investors and quite often their personal pension was their entire retirement provision.

The FOS said at the time that it had received a number of complaints concerning St Pauls Marketing that were “…of a similar nature, involving seemingly similar circumstances and the same investments.”

As of August 2018, St Pauls Marketing is no longer FCA registered as an Appointed Representative of an authorised firm. It can no longer carry out regulated activities.

Check if you have a case

The BAD news:

Unsuitable pension advice has caused huge losses

The GOOD news:

Compensation payments are hitting record figures every year

Can I claim against St Pauls Marketing Ltd?

St Pauls Marketing was an Appointed Representative of two authorised firms, also known as Principal firms.

Principal firms are usually considered as being liable for the advice given by its Appointed Representatives.

This means you can complain about the advice St Pauls Marketing gave you, but any potential claim would be against the firm that acted as Principal at the time of the investment.

Principal firms connected to St Pauls Marketing

As there are two principal firms – City One Securities and Alexander David Securities Ltd, the FSCS advises customers to refer to their documentation to determine which firm to make a claim against. It offered the following guidance:

  • If you received advice between 16/11/12 and 12/10/15 – claims should be made against City One Securities
  • If you received advice between 01/01/16 and 15/08/17 – claims should be made against Alexander David Securities Ltd
  • If you received advice between 12/10/15 and 01/01/16 – check your documentation to find the identity of the adviser, if this is not clear, you should make the claim against Alexander David Securities Ltd

The FSCS can pay compensation of up to £85k per customer, per default in respect of the total liabilities that might be owed to customers.

Can I claim against Just Loans Group?

JLG Group Plc was not regulated by the Financial Conduct Authority (FCA) as it was issuing its own bonds, which is generally not a regulated activity.

This means that customers cannot claim compensation through the FSCS, directly against JLG.

However, if an FCA authorised advisers was involved in relation to the JLG investment and carried out regulated activities such as advising, you may be able to make a claim against them.

And as mentioned above – if City One Securities or Alexander David were your advisers, you may be able to complain against them through FSCS.

Just Loans Group (JLG) were placed into administration on the 15th of June 2022.

Need some help?

If you think you may have been affected by unsuitable pension advice, but not sure if you have a case – we can help.

Call and have a chat with one of our friendly experts, who can tell you if you have a case to pursue compensation.

It’s free, confidential and there’s no obligation to use our service to make a claim.

Simply fill in the form below.

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