The Financial Services Compensation Scheme (FSCS) has declared two financial advice firms, Juno Moneta Capital Management Ltd and Westbury Private Clients LLP, in default.
Swansea-based Westbury Private Clients LLP was restricted from holding client money by the Financial Conduct Authority (FCA) on 1 July 2013, according to the FCA register. It may be able to control client money if it has the necessary requirements, it stated. The firm was also restricted from carrying on the MIFID investment service and activity of placing of financial instruments without a firm commitment basis by the FCA on 14 January 2014, according to the FCA register.
The firm has been in liquidation since 28 March 2018.
The FSCS told Professional Adviser it has received sixteen claims from former customers of Westbury Private Clients LLP.
Ten of these claims involved advice about self-invested personal pension (SIPPs), with three related to investment advice, and the remaining three related to pensions advice, the FSCS said.
The FSCS also declared Juno Moneta Capital Management Ltd in default, trading as Morgan Peterson, BL Financial Planning, and, formerly, Corcillum Limited. The Gloucestershire-based firm was restricted from providing regulated activities and products with its consumer buy-to-let status deregistered by the FCA on 23 December 2020, according to the FCA register.
The firm has been in administration since 7 August 2020, when an administrator was appointed, according to Companies House.
The FSCS told Professional Adviser it has received two claims from former customers of Juno Moneta Capital Management Ltd, both of which are related to pension transfer advice.
