image of the word pension printed onto a sticker on a cardboard file divider

Firm fails over advice given more than 25 years ago

The Financial Services Compensation Scheme (FSCS) has declared MacInnes and Bottomley in default.

FSCS defaults are a regular occurrence – Mackie Wealth Management and Broadlands Partnership being two recent failures – but they generally relate to recent cases where clients have received unsuitable advice to transfer a pension or buy a specific product, and sometimes to significant scandals like the British Steel Pension Scheme (BSPS) matter.

This particular default is somewhat unique, as there is no record of the firm appearing on the Financial Conduct Authority (FCA) register, nor is there any evidence the firm was ever authorised by the FCA or its predecessor, the Financial Services Authority.

The only notable records of the firm show that it was on the Financial Intermediaries, Managers and Brokers Regulatory Association and the Personal Investment Authority until 1998. That means this failure relates to advice given, at the very latest, in 1998, but potentially before then!

The FSCS said it had received two claims against the firm relating to pension transfer advice, with one being upheld and the other unsuccessful.

How much compensation will the claimants receive?

The FSCS didn’t even exist in the period these claims relate to – the industry lifeboat wasn’t founded until 2001, replacing several schemes that existed at the time.

It will be able to compensate the claimant in this case, though, up to its current compensation cap of £85,000.

Nothing further is known about the case, so we cannot report a specific compensation award.

What can I do if I received unsuitable advice a long time ago?

It depends on the status of the firm that provided the advice. If they’re still trading, you can raise a complaint directly and then go to the Financial Ombudsman Service (FOS) if you are dissatisfied with the outcome or the firm fails to respond.

However, if the firm has closed since you received unsuitable advice, your claim can go to the FSCS, so long as you received the advice on or after 28th August 1988.

Start your claim with LawPlus Solicitors

If you believe you may have received unsuitable financial advice relating to a pension or another investment, LawPlus Solicitors may be able to help you.

Get in touch for a free, no-obligation review of your case and let’s see if we can get your money back.

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