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The Monetary Companies Compensation Scheme has declared Cardiff-based pension agency The London Buying and selling Firm (UK) Ltd (FRN: 678985) in default.
The enterprise traded underneath the names Lontrad, Lontrad Capital and The London Buying and selling Firm.
The transfer opens the door for former shoppers of the agency to hunt compensation.
FSCS stated it has obtained 23 claims in complete towards the agency, all for unsuitable funding recommendation, primarily regarding SIPPs.
One of many complaints has been upheld, which enabled the FSCS to declare the agency in default on 10 March.
The opposite 22 complaints stay in progress, the FSCS stated.
Firms Home information present the enterprise was integrated in July 2014.
Based on the FCA’s register, the The London Buying and selling Firm (UK) was authorised in September 2015 however went into liquidation in November 2022.
The register additionally reveals it additionally had 9 different buying and selling names between 2016 and 2019: SG Capital Administration Europe, QCM, SG Capital Administration, TCM Wealth Administration, FX Capital, Bond Star, Crowd Star, Fintech Monetary and Fintech Star.
The corporate final revealed full accounts in April 2021 for 2019-20 the place turnover was reported as £882,425, gross revenue as £464,784, however administrative bills had been £536,508.
That result in a loss for the yr of £61,725, in comparison with a £26,577 revenue the earlier yr.
The London Buying and selling Firm (UK) was wound-up voluntarily in September 2022 with liquidators apppointed. The overall belongings obtainable for potential collectors was reported at the moment as £96,256.97.
On the finish of final month the FSCS declared four firms in default, two with hyperlinks to the British Metal Pension Scheme (BSPS).
It had beforehand in February defaulted a BSPS-linked wealth manager, a Scots Planner and a Kent pension transfer firm.
The FSCS additionally reported {that a} complete of 13 monetary corporations defaulted in December and January.
FSCS safety covers cash held in banks, constructing societies and credit score union accounts. The FSCS additionally protects insurance coverage, investments, mortgage recommendation and arranging, debt administration and funeral plans.
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