The Cardiff based advice firm Grosvenor Butterworth limited, is set to close its doors after the FCA said recommendations it made to invest in the DFM (Discretionary Fund Manager) Beaufort Securities were “unsatisfactory”.
Initially they were placed under a section 166 review – which meant they had to be under the supervision of a third party to review its’ practises regarding certain regulated activities, such as advising pension transfers.
The FCA then went on to stop the firms regulated activity altogether until the 166 review was complete, leaving Grosvenor Butterworth limited in its financial adviser capacity.
Beaufort Securities themselves also expressed concern, with reports claiming they had sent their clients letters advising them to seek advice on the suitability of the recommendation they had received to invest with Beaufort and as to whether they had grounds to make a claim for compensation.
If you received advice from Grosvenor Butterworth then you might want to speak to one of our Claims Handlers to check whether the advice you received was suitable or negligent and if you have a case to claim compensation.