LEBC website in 2019
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Tuesday, 29 October 2024 17:00
Nearly 220 claims against LEBC as firm defaults
The Financial Services Compensation Scheme today declared former national IFA, pensions and employee benefits firm LEBC Group Ltd (FRN: 760755) in default after receiving 218 claims against the firm.
The industry compensation safety-net said it had so far upheld one complaint, triggering the default declaration.
It continues to investigate the other claims on a case-by-case basis.
A declaration of default by the FSCS means the firm, which went into administration last year, is unable to pay the claim.
According to the FSCS, LEBC Group was a financial advice firm which advised some customers to transfer their pensions out of Defined Benefit Pension Schemes.
The FSCS says it is now be considering customers’ claims against the firm to determine whether or not they are eligible for compensation.
LEBC went into administration in August 2023 after selling its assets to sister company Aspira Corporate Solutions. The asset transfer was approved by the Financial Conduct Authority after an "extensive consultation.”
According to a statement from the company at the time: “The Financial Conduct Authority indicated that a Past Business Review had highlighted potential or apparent historic systematic failings in the advice process in relation to defined benefit pension scheme transfers.
“The directors of the company have since engaged extensively with the FCA and explored the restructuring options available to the company which resulted in a sale of the business via a prepackaged administration.”
All LEBC staff and clients transferred to Aspira.
The FSCS, which can pay up to £85,000 in compensation per claim, said most of the claims were pension transfer related but none related to BSPS claims.
LEBC Group Ltd traded as The Care Adviser, The Retirement Adviser and Corporate Healthcare Solutions.
Any ex-customers who believe they have claims can contact the FSCS directly.
• The FSCS today also declared in default Woking-based Frobisher Capital Ltd (FRN: 583211). The FSCS said it had one claim against the firm which was investment advice-related and not connected to BSPS claims.
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