Two monetary recommendation corporations – one in Cardiff and one in Bristol – have been declared in default by the Monetary Companies Compensation Scheme with a mix of over 100 claims associated to pension switch recommendation.
Cardiff-based Prism Impartial Monetary Advisers Restricted (FRM 515431) entered FSCS default on 11 July following voluntary liquidation in December 2020.
The FSCS has acquired 53 claims to this point towards Prism. Some 50 claims are in progress, 2 have been rejected, and 1 upheld. All claims are pension switch associated.
The agency was based in September 2000 by Martin Evans and Andrew Charles.
Wealthmasters Monetary Administration Ltd (FRN 536087) entered default on 11 July, and is now not buying and selling.
To date the FSCS has acquired 58 claims towards the agency. Some 54 are in progress, 3 have been rejected, and 1 has been upheld. All claims are pensions and funding recommendation associated.
The Bristol-based agency additionally traded as Gryphon Capital, Invictus Wealth, and Sydney Charles UK.
Each corporations had been related to claims associated to British Metal Pension Scheme (BSPS) members.
The businesses had been declared in default yesterday and the FSCS mentioned each have open claims associated to BSPS transfers.
In 2017, many British Metal staff had been suggested to switch out of their outlined profit pension into an outlined contribution pension, sometimes a private pension or a Self-Invested Private Pension (SIPP). The scandal has attracted nationwide consideration and criticism.
There was a string of different enforcement actions towards BSPS-linked corporations in latest months.
In July the Monetary Conduct Authority banned Birmingham-based adviser Paul Metal of Property Issues Monetary Ltd (EMF) from working in monetary providers. The agency will even pay £850,000 to the FSCS.
Final month the FCA banned Pembrokeshire BSPS adviser Denis Lee Morgan. The FSCS has to this point upheld 213 claims towards his agency Pembrokeshire Mortgage Centre Ltd.
Additionally in June, the FCA banned monetary adviser Mark Abley of County Capital Wealth Administration Ltd and advised him to pay £106,100 to the Monetary Companies Compensation Scheme (FSCS) for poor pension switch recommendation to BSPS members.