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Just Loans Group

Just Loans Group (JLG) offered retail bond investments to UK customers. It was not regulated by the Financial Conduct Authority. It issued its own bonds, which is not considered a regulated activity.

This means customers who were invested in JLG debenture bonds can’t claim compensation through the FSCS directly against Just Loans Group.

Just Loans Group entered administration in June 2022. According to its website this was because it had “encountered a number of financial challenges over recent years…”

However, there may still be a way for some customers to claim for their losses as a result of investing with Just Loan Groups.

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Initial Assessment

How can I claim for Just Loan Group investment?

If an FCA authorised adviser or firm was involved in the process of you investing with Just Loan Group (JLG) – then you may be able to make a claim against it.

The FSCS said it’s aware that FCA authorised advisers may have been carrying out regulated activities, possibly including advising, in relation to the Just Loans Group investment.

Two firms that have been associated with claims involving JLG are Alexander David Securities Ltd and City One Securities.

St Pauls Marketing and Just Loans Group Claims

There have been claims upheld by the Ombudsman involving JLG debenture bonds and a firm called St Pauls Marketing.

Customers allege that St Pauls “cold called” them and offered them a free pension review. This resulted in a recommendation to transfer their pensions and invest in JLG bonds, through a Self-Invested Personal Pension (SIPP).

Unfortunately, Just Loans Bonds were high risk, illiquid and generally unsuitable for inexperienced investors.

Especially those whose pension fund was the only means of supporting retirement, like many of the investors involved.

It was therefore unsuitable advice for these clients to transfer pension funds and invest in JLG.

Can I claim against St Pauls Marketing for Just Loans?

St Pauls Marketing was an Appointed Representative for two FCA authorised firms – Alexander David Securities Ltd and City One Securities.

These Principal firms are usually regarded as being liable for any advice given by Appointed Representatives.

City One Securities Ltd entered liquidation in January 2020 and Alexander David Securities Ltd entered liquidation on 1 July 2022. Both firms have been declared in default by the Financial Services Compensation Scheme (FSCS).

This means claims against these firms are now being processed by the FSCS.

It also means that if St Pauls Marketing was involved in advising you to invest in Just Loans group – you may be able to claims against one of these two Principal firms.

The FSCS advises that customers should refer to any documentation they may have which could help establish who the Principal firm is.

However, it also provided the following information that may help determine which firm was Principal:

  • Where advice was given between 16/11/2012 and 12/10/2015, claims should be made against City One Securities
  • Where advice was given between 01/01/2016 and 15/08/2017 claims should be made against Alexander David Securities Ltd (ADSL)
  • Where advice was given between 12/10/2015 and 01/01/2016, customers should check their documentation to identify the adviser. If it isn’t clear which firm you dealt with, then you should make the claim against Alexander David Securities Ltd

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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.