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FSCS declares 23 firms in default on Ucis and Keydata links
by Michelle Abrego on Oct 21, 2013 at 13:58
The Financial Services Compensation Scheme (FSCS) has declared 23 financial advice firms in default, including P3 Wealth Management which was banned by the regulator in 2012 over unsuitable unregulated collective investment scheme advice (Ucis).
The FSCS revealed a list of 29 failed financial firms, 23 of which were investment or life and pension advisers.
In April 2012, the Financial Services Authority stripped P3 Wealth Management of its permission to carry out regulated activities. The regulator also fined and banned P3 adviser Patrick Francis O’Donnell £60,000 for advising his clients to invest in unsuitable Ucis and other non-mainstream investments.
Four of the firms on the list have exposure to Keydata.
According to the FSCS’ original claim against advisers who sold SLS-backed Keydata it was pursuing Carterbar Holdings for £6,816; London Asset Management for £71,903; Ward Consultancy for £237,796 and Professional Financial Management for £125,208.
The advice firms that have entered default are:
- Southport 2000
- Whitehall Financial Independent
- Carterbar Holdings
- SAJ International
- Bowyer Styles & Co
- FC Realisations Limited formerly Fradley Croft (Independent Financial Advisors)
- Investrac Wealth Management formerly McKechnie Byles & Dawes
- The Redwood Partnership
- Ager Financial Services
- Campbell Montague International
- Portfolio Financial Services
- Bayliss & Company (Financial Services)
- County F.S.
- London Asset Management
- Stone Futures
- St Andrews Securities
- Ward Consultancy
- Professional Financial Management
- Sutton and Shephard formerly Berkeley Associate and Company
- Kingdom Asset Management
- McDonald Insurance Services
- P3 Wealth Management
- Stewart Asset Management
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on Dec 10, 2013 at 12:57