The Financial Services Compensation Scheme (FSCS) has announced that Berkeley Jacobs Financial Services Limited, based in Cambridge, is now in default.
Records from the Financial Conduct Authority (FCA) indicate that the firm lost its authorisation in January 2016. According to Companies House, Berkeley Jacobs Financial Services Limited ceased to exist as a legal entity in February 2018.
The FSCS has reported receiving 16 claims against the firm, these claims relate to pension advice, advice not connected to the British Steel pension saga, the FSCS clarified.
In a separate development, the FSCS has launched an investigation into Campbell & Associates Independent Financial Advice Ltd earlier this week. The organisation is collaborating with the FCA to determine whether there are grounds for further valid compensation claims.
The FSCS has activated its online claims portal for the firm, though claims are not yet being forwarded for assessment. “We are still examining whether any claims meet the criteria for compensation, which may take some time,” the FSCS stated.
Our Thoughts
It’s not always obvious that you have lost money when dealing with financial advice firms like Berkeley Jacobs Financial Services Limited. Most passive investors do not benchmark the performance of their pensions, ISAs or investments against other funds.
If your pensions or investments have not gone down, it doesn’t mean that you haven’t lost money, especially if you were convinced to transfer money from an existing person pension, ISA or workplace pension scheme.
If you want to find out if you may have grounds for financial redress or compensation from your financial adviser, pension provider or investment platform, why not book a complimentary 30-minute no-obligation consultation with one of our claims support advisers today.
