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In the dynamic world of financial advisory services, trust and integrity are paramount. But what happens when a company fails to uphold these principles? In this article, we delve into the intriguing evolution of Foreman Financial Services Ltd, an independent financial advisor that stood in Tunbridge Wells.
Although the company has dissolved, the echoes of its actions still reverberate through the world of finance, leading to a series of mis-selling claims. Join us as we explore the journey of Foreman Financial Services, their multiple trading names, the impact of their decisions, and how their legacy continues to affect those who sought their advice.
At its prime, Foreman Financial Services Ltd was a prominent player in the financial advisory arena, claiming to offer tailored solutions to their clients. Based in Tunbridge Wells, the company provided financial advice and regulated services, including the transfer of pension funds to self-invested personal pensions (SIPPs).
However, eventually on the 7th of September 2018, the company met its demise when the FSCS acknowledged that the it had failed, leaving behind a trail of unresolved concerns. Claims against Foreman Financial Services Ltd could then be accepted.
Foreman Financial Services Ltd was no stranger to change. Throughout its existence, it operated under various trading names, including GraingerCo Financial Services and Foreman Financial Services Ltd. These name shifts could be perceived as attempts to adapt and rebrand, but the underlying actions of the company remained a point of contention.
Foreman Financial Services Ltd's network of appointed representatives included Easy to Access Ltd, Paul John Beech, and The Mortgage Room Ltd. While these affiliations may have bolstered the company's reach, they also contributed to the larger web of financial advice and transactions.
The Financial Conduct Authority (FCA) played a pivotal role in the unraveling of Foreman Financial Services Ltd. The FCA revoked the company's authorisation status, rendering it incapable of providing regulated activities and products. This drastic action was a result of enforcement actions taken by the FCA and/or the Prudential Regulation Authority (PRA).
The FCA's decision stemmed from the company's refusal to pay compensation after the Financial Ombudsman Service (FOS) ruled against it. The FOS ruled that the company's recommendation to invest in a SIPP for an off-plan Harlequin property, without proper suitability checks, was unsuitable advice.
The spotlight shone on Foreman Financial Services' recommendations, revealing a pattern of unsuitable advice. One such case involved a recommendation to invest in the Portfolio Six fund, managed by Greyfriars Asset Management. This investment portfolio's high-risk, unregulated investments were marketed to clients who were not suited for such products. Foreman Financial were also linked to Hartley Pensions: SIPP + SSAS, a pension provider. So if you recognise any of these names, and think you may have been affected, please contact us.
The FCA's involvement with Greyfriars Asset Management added another layer of complexity to the situation, with the firm agreeing to a permission restriction in 2016.
Even after Foreman Financial Services' dissolution on 31st July 2018, there were questions regarding its legacy. Quantum Wealth Planning, a firm authorised by the FCA in late 2016, emerged from the same address in Tunbridge Wells where Foreman Financial Services once operated.
Despite the connection, neither of the former owners of the defunct Foreman Financial Services Ltd, held any shareholding or directorship at Quantum Wealth Planning. This connection raised questions about the overlap and continuity of financial advisory services in the area.
The FCA's statement succinctly captured the essence of Foreman Financial Services Ltd's actions: "Foreman Financial Services has failed to satisfy the Authority that it is conducting its affairs in an appropriate manner, having regard in particular to the interests of consumers." The company's actions not only had regulatory implications but also affected the trust and confidence clients placed in financial advisors.
If you believe you were affected during the period that any of these firms offered financial advice and other regulated services related to the transfer of pension funds to self-invested personal pensions (SIPPs), and/or your pension fund was transferred to Rowanmoor, or recognise the names Harlequin or Portfolio Six in relation to your pension, then you are likely to have valid grounds to pursue a mis-selling claim.
The intricacies of financial advice, coupled with the complexities of investment portfolios, can lead to unexpected consequences. Seeking guidance from us at CP Financial Claims and understanding your rights becomes essential in navigating such situations.
If you suspect you have been affected by any of the names mentioned above, please submit your contact details below for a free, no-obligation chat.
You are not obliged to use our service. It is possible for you to present your claim for free, either to the firm, or person against whom you wish to complain, or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.
