Friday, 15 September 2023 12:00
3 adviser firms fail due to pension complaints
The FSCS has declared three financial adviser firms as failed, opening the door to compensation claims from ex-clients.
The three firms are:
• Crosbie Carr Morris Limited (FRN 799406) - three claims so far relating to unsuitable pension advice
• Leslie & Swallow LLP t/a Aston Collie (FRN 601807 -) - two claims so far relating to unsuitable pension advice
• Focus Oxford LLP t/a Focus Independent Financial Advisers and Independent Insurance Consultants (594369) - two claims so far relating to unsuitable pension advice
The firms are the latest in a string of financial advice firms to fail due to complaints about pension advice.
Last week Financial Planning Today revealed that so far 40 advice firms have failed due to BSPS claims. There is no indication, however, that the latest three failures are related to BSPS claims.
Crosbie Carr Morris Ltd was based in Musselburgh, East Lothian, Scotland and ceased to be authorised after February 2022.
Leslie & Swallow LLP was based in Chatham, Kent, and ceased to be authorised in November 2019.
Focus Oxford LLP was based in West Way, Oxford and ceased to be authorised in 2018.
Recently, the FSCS reported that the majority of the £403m in claims it paid in 2022/23 were due to investment and pension advice, including SIPP operator failures.
Uncompensated losses upheld on pensions claims came to over £75m, according to the FSCS annual report.
The compensation body paid out to consumers who experienced losses due to 563 authorised financial services firms failing, including 64 that it declared in default over the year.
Compensation was paid to around 68,000 consumers and more than 430 firms were investigated by the FSCS to confirm they were able to pay claims and whether any of their former clients would have eligible claims.
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