Navigating the financial industry can be a maze, especially when unexpected turn of events are involved. Many individuals and entities place trust in financial advisory firms, hoping for safe and sound financial recommendations. However, sometimes things don't go as planned, which brings us to the topic of Financial Solutions Midhurst Ltd. If you've ever been in association with this firm or recognise their trade names like AMPF or FSML Wealth, it’s essential to be informed.
Financial Solutions Midhurst Ltd, formally recognised as Financial Solutions Midhurst Limited since November 2006, began its journey on 10th November 2004. For nearly two decades, it provided financial advisory services to a broad spectrum of clientele. But like many financial stories, it culminated with its dissolution on 4th August 2023.
It's worth noting that Financial Solutions Midhurst Ltd entered liquidation on 12th June 2020. Why does this matter to you? If you've had dealings with this firm, there's a possibility you could make a claim against it.
One major area that Financial Solutions Midhurst Ltd delved into was define benefit pension transfers. Heather Dunne, an appointed representative of Financial Solutions Midhurst Ltd, played an active role in these transfers. Financial Solutions Midhurst Ltd operated under multiple trading names to cater to its diverse clientele. These include AMPF and FSML Wealth, both established in February 2016.
However, their journey wasn't without bumps. As recently as 3rd September 2023, the Financial Conduct Authority (FCA) was reviewing the firm's 'Dissolved' status. If you have any lingering doubts about Financial Solutions Midhurst Ltd, reaching out would be a wise step.
By July 2017, reports from the financial sector began to highlight certain irregularities. It was reported that a pension transfer specialist firm had been directed to halt its transfer business. This came after the regulator identified concerns over its advisory methods for clients introduced by other IFAs.
Further details emerged about Heather Dunne IF (HDIFA) - a pensions specialist firm. HDIFA had put a pause on its pension transfer operations following reservations from the Financial Conduct Authority about its collaborations with financial advisory firms that outsource to HDIFA. Notably, HDIFA functioned as an appointed representative of Financial Solutions Midhurst Ltd.
A specific note on HDIFA's FCA record mentioned its agreement to 'immediately cease to provide advice related to the transfer or conversion of safeguarded benefits under a pension scheme to flexible benefit'.
The Director of Financial Solutions Midhurst Ltd openly acknowledged this directive from the regulator. In their exact words, "The regulator has highlighted areas of an operational nature, specifically how we deliver the advice process via introducing IFA firms, which need adaptation." They further committed, "We understand the regulators observations and will work fully with them and our compliance and legal advisers to bring about the required changes in a timely manner whilst ensuring our clients continue to benefit from the highest of advisory standards.”
Interestingly, Financial Solutions Midhurst Ltd wasn't the only firm to face regulatory scrutiny. Welsh advice firm Strategic Wealth UK, for instance, was also directed to halt all pension-related business till the completion of a skilled person review.
Other names that resonated in the same context include HDIFA, deVere, and Intelligent Pensions, all facing suspension of certain activities.
If you've had dealings with Financial Solutions Midhurst Ltd or believe you have been affected by any of the aforementioned names and believe you might have been affected, it's crucial to act swiftly.
More information on this topic is emerging. While the complete picture is yet to be unveiled, CP Financial Claims will update this page, as and when we receive any updates.
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