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FSCS declares SIPP adviser in default

The FSCS has declared in default a Hull-based monetary adviser which offered SIPP and funding recommendation.

The agency, Options Monetary Companies (UK) Ltd, was dissolved 5 years in the past and is the most recent in a string of SIPPs and pensions advisers to have been declared as failed by the compensations scheme.

The FSCS stated that there are two claims in opposition to Options Monetary Service (UK) Ltd at present being processed. These are associated to funding and SIPP merchandise and usually are not BSPS associated.

The agency (FRN:402668) was an appointed rep and is now not regulated by the FCA.

In keeping with the FCA Register. Options was an appointed consultant of TenetConnect Companies Restricted from Aug 2004 to Might 2010 and Sense Community Restricted from Apr 2010 to Jul 2012.

Corporations Home data present the agency had a registered workplace tackle of Unit 8b Marina Courtroom, Fortress Road, Hull, HU1 1TJ. The agency was included on 11 Might 2004 and was dissolved on 11 July 2017.

Options is one in every of a number of adviser corporations to be declared in default just lately with some wound up a number of years in the past.

Final week the Monetary Companies Compensation declared an East Midlands monetary adviser with a number of buying and selling names as failed, opening the door to purchasers claiming compensation. The FSCS stated there have been seven claims in opposition to the agency, Hallmark (East Midlands) Ltd. They’re a combination of pension claims however not BSPS associated, the FSCS stated.

Hallmark (FRN 403377) additionally traded as Hallmark Mortgages & Abroad Properties and Abbot Insurance coverage Dealer. It was listed at an tackle in Ilkeston, Derbyshire. Claims in opposition to Hallmark are seemingly associated to recommendation given some years in the past because the agency ceased to be authorised after Might 2011.

Earlier in October, two different adviser corporations, the TJM Partnership (FRN 498199) and On a regular basis Monetary Recommendation (FRN 595535) – buying and selling as Tudor Courtroom Monetary Planning – each defaulted.




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