Avalon Investment Services Limited
Avalon Investment Services Limited (FRN 190602) was an FCA-regulated Self-Invested Personal Pension (SIPP) provider that permitted clients to hold their pension funds in a wide range of investments, including non-standard assets. The firm was placed into special administration in February 2016 and formally dissolved in August 2018.
The FSCS investigation into Avalon focused on the due diligence the firm carried out before allowing clients to make specific investments within their pension plans. The FSCS concluded that Avalon had failed in this duty, permitting clients to invest in high-risk, non-standard assets without carrying out the level of scrutiny that was required of a regulated pension provider. Many of those assets subsequently became illiquid, meaning clients could no longer access or sell them.
The FSCS declared Avalon in default in January 2020, having received 213 compensation claims. By early 2020, it had already paid out £264,000 in compensation and was continuing to assess further claims.
Issues / Why You May Have a Claim
Avalon clients who transferred their pensions into the firm’s SIPP structure, often on the recommendation of a financial adviser, had a right to expect their retirement savings would be properly managed and that any investment opportunities would be carefully vetted. Where Avalon’s due diligence failed, clients may have suffered real and lasting financial harm. Former Avalon SIPP clients who have not yet made a claim should seek specialist advice.
Company background (public record)
The company was incorporated at Companies House on 21 June 1999 under company number 03792386. Its status at Companies House is recorded as dissolved.
Registered office: 66 Queen Square, Bristol, BS1 4BE.
Previously named: AQUILA FINANCIAL SERVICES LIMITED; FORESTGATE LIMITED.
Nature of business (SIC): 66110.
Company timeline (public record)
Key dated events for this firm, drawn from public records. Each entry shows its source.
| Date | Event | Source |
|---|---|---|
| 21 Jun 1999 | Company incorporated | Companies House |
| 21 Jun 1999 | Temple Secretaries Limited appointed corporate-nominee-secretary | Companies House |
| 21 Jun 1999 | Company Directors Limited appointed corporate-nominee-director | Companies House |
| 29 Jun 1999 | Christopher Brian Moore appointed secretary | Companies House |
| 29 Jun 1999 | Temple Secretaries Limited resigned as corporate-nominee-secretary | Companies House |
| 29 Jun 1999 | John Guy De La Haye Arnoux appointed director | Companies House |
| 29 Jun 1999 | Henry Kerr appointed director | Companies House |
| 29 Jun 1999 | Christopher Brian Moore appointed director | Companies House |
| 29 Jun 1999 | Company Directors Limited resigned as corporate-nominee-director | Companies House |
| 13 Jul 1999 | Company renamed (previously FORESTGATE LIMITED) | Companies House |
| 28 Sep 2004 | Simon Jeremy Miles approved by the FCA at the firm | FCA Register |
| 30 Mar 2015 | Michael John Daniels appointed director | Companies House |
| 30 Mar 2015 | Pamela Anne Merrigan appointed director | Companies House |
| 30 Mar 2015 | Christopher Brian Moore appointed director | Companies House |
| 30 Mar 2015 | Henry Kerr resigned as director | Companies House |
| 27 May 2015 | Pamela Anne Merrigan approved by the FCA at the firm | FCA Register |
| 25 Aug 2015 | David Jeremy Glynn Williams approved by the FCA at the firm | FCA Register |
| 01 Sep 2015 | Debbie Mary Wiltshire Kerr resigned as secretary | Companies House |
| 25 Sep 2015 | Michael John Daniels approved by the FCA at the firm | FCA Register |
| 23 Feb 2016 | Company entered administration (in administration) | Companies House |
| 22 Feb 2018 | FCA status recorded as: No longer authorised | FCA Register |
| 26 Mar 2018 | Company administration ended (in administration) | Companies House |
| 04 Aug 2018 | Company dissolved | Companies House |
| 31 May 2019 | FSCS update: Although FSCS is accepting claims against Avalon, claims have not yet been passed to our claims processing teams for ass… | FSCS |
| 18 Jul 2019 | FSCS update: FSCS is continuing to look into the level of due diligence conducted by Avalon in allowing customers to make specific in… | FSCS |
| 18 Oct 2019 | FSCS update: FSCS is working with third parties, including the insolvency practitioner, to get access to due diligence documents | FSCS |
| 05 Dec 2019 | FSCS update: FSCS has now finished its investigations into Avalon | FSCS |
| 24 Jan 2020 | Declared in default by the FSCS | FSCS |
Focused on the firm’s early history and the events leading up to and following its failure. 10 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.
- Michael John Daniels. Listed on the FCA Register as having held CF1 Director (25/09/2015 to 22/02/2018) at the firm.
- Paul Russell Warner. Listed on the FCA Register as having held CF2 Non Executive Director (23/07/2004 to 22/02/2018) at the firm.
- John Guy De La Haye Arnoux. Listed on the FCA Register as having held CF2 Non Executive Director (01/12/2001 to 03/05/2010) at the firm.
- Simon Jeremy Miles. Listed on the FCA Register as having held CF11 Money Laundering Reporting (28/09/2004 to 01/01/2016) at the firm.
- Pamela Anne Merrigan. Listed on the FCA Register as having held CF10a CASS Oversight function (27/05/2015 to 22/02/2018), CF1 Director (27/05/2015 to 22/02/2018) at the firm.
- Christopher Brian Moore. Listed on the FCA Register as having held CF28 Systems and controls (01/11/2007 to 01/08/2009), CF1 Director (01/12/2001 to 01/08/2009), CF2 Non Executive Director (12/10/2015 to 22/02/2018), CF13 Finance (01/12/2001 to 31/10/2007) at the firm.
- David Jeremy Glynn Williams. Listed on the FCA Register as having held CF11 Money Laundering Reporting (05/02/2016 to 22/02/2018), CF10 Compliance Oversight (25/08/2015 to 22/02/2018) at the firm.
- Henry Kerr. Listed on the FCA Register as having held CF11 Money Laundering Reporting (01/12/2001 to 02/07/2010), CF10a CASS Oversight function (01/10/2011 to 27/03/2015), CF10 Compliance Oversight (01/12/2001 to 27/03/2015), CF1 Director (01/12/2001 to 27/03/2015) at the firm.
- Debbie Mary Wiltshire Kerr. Listed at Companies House as secretary (appointed 2003-03-17, resigned 2015-09-01).
- Temple Secretaries Limited. Listed at Companies House as corporate-nominee-secretary (appointed 1999-06-21, resigned 1999-06-29).
Review page sources: FCA Register (FRN 190602) · Companies House (03792386) · FSCS. Public records, provided for transparency.
