The Monetary Providers Compensation scheme has declared Metropolis of London-based adviser agency Alexander David Securities Ltd (FRN 469150) in default.
The agency has 463 claims towards it, with 51 rejected and 411 in progress, for funding and pension recommendation.
One declare has been upheld up to now ensuing within the default declaration. The choice means purchasers with legitimate claims can now search as much as £85,000 in compensation per declare
The agency was based mostly in Queen Victoria Avenue within the Metropolis of London though the agency’s registered workplace was in Temple Avenue, Liverpool. The FCA cancelled the agency’s authorisation in Might 2023.
In keeping with the FCA register, there have been 74 regulated people who labored for the agency or have labored for the agency.
The corporate, now in liquidation, began in 2006 and offered funding broking recommendation and company recommendation. It had plenty of appointed reps over a number of years.
There was a latest rise in companies declared in default by the FSCS. Final week the FSCS declared that 12 regulated companies had been declared in default in February and March.
The failed companies included Pension Recommendation Specialists Restricted of Sale; Aqua Monetary Providers Restricted, previously Aqua IFA Restricted of Manchester; SIPP supplier Hartley Pensions Restricted of London and Frodsham Monetary Planning Restricted, previously Tom Carroll Associates Monetary Planning Restricted, of Rochdale.
It is doubtless the overall value of the 12 claims might run into a number of thousands and thousands of kilos in compensation.
