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Friday, July 12, 2024

Welsh agency defaults over pension recommendation

Bridgend-based recommendation agency Broadlands Partnership (FRN: 402268) has been declared as in default by the Monetary Providers Compensation Scheme (FSCS), opening the door for compensation.

Broadlands ceased to be authorised by the FCA in August 2012 and entered voluntary liquidation in 2020.

FSCS mentioned it has acquired 8 claims towards the agency in relation to house finance, investments and pension recommendation.

One declare has been upheld relating to pension recommendation

The declare was not associated to the British Metal Pension Scheme

The opposite seven claims acquired by the FSCS have been unsuccessful.

Broadlands previously traded below the names Manning Gee Investments, Idea Wealth Administration, Wynne Evans Buying and selling as Evans Jones & Co, and Dragon Monetary.

The FSCS, the safety-net scheme for retail traders, declared 9 companies in default in April and Could.

The default declaration opens the door to purchasers of the companies with legitimate claims to hunt compensation of as much as £85,000 per declare.

All of the companies have gone out of enterprise and are unable to fulfill claims themselves.

The FSCS has careworn that its service is free to clients and safety covers cash held in financial institution, constructing society and credit score union accounts. The FSCS additionally protects purchasers investing in pensions, monetary recommendation, insurance coverage, investments, mortgage recommendation and arranging, debt administration and funeral plans.

The FSCS was arrange by Parliament in 2001 below the Monetary Providers and Markets Act 2000. It’s funded by a levy on monetary companies authorised by the Prudential Regulation Authority (PRA) or the Monetary Conduct Authority (FCA).

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