Thomas Ward banned from financially advising by the FCA over adopting a high-risk SIPP Scheme which resulted in over 2000 customers losing over £50 million.
Thomas Ward, as well as four other financial advisers, have been described in court as ‘failing to act with integrity, having either acted dishonestly or recklessly. This is in relation to the pension transfer scheme, where clients were advised to transfer their pensions into high-risk investments.
This has led to £50m pay-outs from the Financial Services Compensation Scheme (FSCS), resulting in the advisors being banned from financially advising by the Financial Conduct Authority (FCA), which has also collectively fined the five Financial Advisors a total of over £1m and prohibited them from working in financial services.
Advice firms Bank House Investment Management Ltd– based in Cheltenham; Financial Page Ltd– based in Shropshire and Henderson Carter Associates– based in Merseyside were run between the five Financial Advisors. These advisory firms have all since collapsed, leaving the FSCS with £50m redress paid out so far.
Clients had been referred to the companies by Hennessey Jones an unregulated SIPP company.
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