FULL CIRCLE ASSET MANAGEMENT
After receiving numerous complaints in relation to investment losses through unsuitable advice, Full Circle Asset Management (FRN 159466) went into administration on 19 December 2017 and was subsequently dissolved on 20 August 2022.
The Financial Ombudsman forced Full Circle to make damage payments to their clients after it was found to be the case that the company moved away from clients’ risk profiles, as well as not advising them correctly.
Risky Investments
The High Court determined Full Circle’s clients had a large proportion of their investment portfolio put into financial products that were high risk, taking the pre-agreed risk level too high.
The Financial ombudsman is currently in the process of reviewing approximately 25 other similar complaints made by Full Circle clients.
After their £1.5 million investment was reduced by in excess of 50%, one client took the company to court, stating that this loss was caused by the company breaching their contractual terms on how they managed their money.
Compensation Considerations
Not long after this happened, Full Circle Asset Management went into administration, resulting in many of their clients not being issued with all of the compensation they were entitled to.
Because the company attempted to have one of the decisions made against it in court overturned, it meant that there were delays in clients being able to raise a complaint. Full Circle believed that the decision made by the Financial Ombudsman Service was not in line with the guidance given to it by the Financial Conduct Authority (FCA). However, this was eventually thrown out of court.
The complaint that the financial ombudsman received related mainly to the advice that clients received during the process of being sold investment opportunities. The advice given was not consistent with the level of risk they were comfortable with.
Act Fast
Anyone who has been a client of Full Circle and has lost money, should act now. You should begin by reviewing any and all transactions that were made with them, and then get in contact with our team of experts if you have any concerns regarding the advice you were given. However, you need to act fast as there is only a limited window of time.
Company background (public record)
The company was incorporated at Companies House on 28 March 1990 under company number 02486204. Its status at Companies House is recorded as dissolved.
Registered office: Unit 1 First Floor Brook Business Centre, Cowley Mill Road, Uxbridge, UB8 2FX.
Previously named: R. H. ASSET MANAGEMENT LIMITED; J.R. FINANCIAL SERVICES LIMITED; ROBSON (FINANCIAL SERVICES) LIMITED; FIDELITY ENTERPRISES LIMITED.
Nature of business (SIC): 66300.
Company timeline (public record)
Key dated events for this firm, drawn from public records. Each entry shows its source.
| Date | Event | Source |
|---|---|---|
| 28 Mar 1990 | Company incorporated | Companies House |
| 08 Aug 1991 | Company renamed (previously FIDELITY ENTERPRISES LIMITED) | Companies House |
| 27 Jul 1992 | Company renamed (previously ROBSON (FINANCIAL SERVICES) LIMITED) | Companies House |
| 08 Aug 1992 | Terence George Aylward appointed secretary | Companies House |
| 08 Aug 1992 | June Brenda Robson resigned as secretary | Companies House |
| 08 Aug 1992 | Gordon Charles Haines appointed director | Companies House |
| 08 Aug 1992 | John Henry Robson resigned as director | Companies House |
| 07 Sep 1992 | Company renamed (previously J.R. FINANCIAL SERVICES LIMITED) | Companies House |
| 31 May 1994 | Guiseppe Stefano Colombi appointed director | Companies House |
| 03 Sep 1994 | Terence Michael Farrow appointed director | Companies House |
| 02 Apr 2002 | Anthony Marsh approved by the FCA at the firm | FCA Register |
| 13 Nov 2007 | Company renamed (previously R. H. ASSET MANAGEMENT LIMITED) | Companies House |
| 21 Jan 2009 | Christopher Michael Salacinski approved by the FCA at the firm | FCA Register |
| 18 Jun 2009 | Michael Peter Raphael approved by the FCA at the firm | FCA Register |
| 17 Aug 2010 | RH Financial Planning Limited ceased as appointed representative | FCA Register |
| 23 Nov 2010 | Eve Owen appointed secretary | Companies House |
| 23 Nov 2010 | Andrew Selsby resigned as secretary | Companies House |
| 10 Dec 2013 | John Owen Miller approved by the FCA at the firm | FCA Register |
| 27 Jan 2014 | Andrew Selsby appointed secretary | Companies House |
| 27 Jan 2014 | Eve Owen resigned as secretary | Companies House |
| 19 Dec 2017 | Company entered administration (in administration) | Companies House |
| 27 Apr 2018 | Declared in default by the FSCS | FSCS |
| 30 Jul 2019 | FSCS update: FSCS is accepting claims against Full Circle Asset Management | FSCS |
| 16 Oct 2019 | FSCS update: Next month, in November, claims against Full Circle Asset Management will be passed to our claims processing team for as… | FSCS |
| 13 Nov 2019 | FSCS update: Claims made against Full Circle Asset Management have now all been moved to our claims processing teams for assessment | FSCS |
| 28 Feb 2020 | FCA status recorded as: No longer authorised | FCA Register |
| 20 May 2022 | Company administration ended (in administration) | Companies House |
| 20 Aug 2022 | Company dissolved | Companies House |
Focused on the firm’s early history and the events leading up to and following its failure. 13 routine entries from its active years are omitted.
Who was involved?
The following individuals are listed on public records in connection with the firm. These are matters of public record only and their inclusion does not imply any wrongdoing by any named person.
- Christopher Michael Salacinski. Listed on the FCA Register as having held CF30 Customer (21/01/2009 to 05/10/2012) at the firm.
- Anthony Marsh. Listed on the FCA Register as having held CF22 Investment Adviser (Trainee) (02/04/2002 to 13/02/2004), CF30 Customer (01/11/2007 to 28/02/2011), CF21 Investment Adviser (13/02/2004 to 31/10/2007) at the firm.
- Mark Selsby. Listed on the FCA Register as having held CF30 Customer (01/11/2007 to 19/10/2018), CF21 Investment Adviser (01/12/2001 to 31/10/2007) at the firm.
- Michael Peter Raphael. Listed on the FCA Register as having held CF30 Customer (18/06/2009 to 28/09/2012) at the firm.
- Gary Michael Petersen. Listed on the FCA Register as having held CF30 Customer (01/11/2007 to 15/01/2016), CF27 Investment Management (01/12/2001 to 31/10/2007), CF24 Pension Transfer Specialist (01/12/2001 to 31/10/2007), CF22 Investment Adviser (Trainee) (01/12/2001 to 31/10/2007) at the firm.
- Gary Roy Burchell. Listed on the FCA Register as having held CF22 Investment Adviser (Trainee) (01/12/2001 to 12/01/2004) at the firm.
- John Henry Robson. Listed on the FCA Register as having held CF30 Customer (01/11/2007 to 08/12/2019), CF3 Chief Executive (01/12/2001 to 08/12/2019), CF1 Director (01/12/2001 to 08/12/2019), SMF3 Executive Director (09/12/2019 to 28/02/2020) at the firm.
- John Owen Miller. Listed on the FCA Register as having held CF30 Customer (10/12/2013 to 17/10/2014) at the firm.
- Andrew Selsby. Listed on the FCA Register as having held CF30 Customer (01/11/2007 to 08/12/2019), CF11 Money Laundering Reporting (01/12/2001 to 08/12/2019), CF10 Compliance Oversight (01/12/2001 to 08/12/2019), CF1 Director (01/12/2001 to 08/12/2019) at the firm.
- Terence George Aylward. Listed at Companies House as secretary (appointed 1992-08-08, resigned 1997-01-31).
Appointed Representatives and Agents
While it was authorised, the firm acted as principal for the following appointed representatives. An appointed representative carries on regulated business under the responsibility of its principal, so their conduct can be relevant to a claim.
| Appointed representative | Reference | Effective from | Ended |
|---|---|---|---|
| RH Financial Planning Limited | FRN 171396 | 17/11/1994 | 17/08/2010 |
Review page sources: FCA Register (FRN 159466) · Companies House (02486204) · FSCS. Public records, provided for transparency.
