Firm news : FSA Moneymadeclear

Northern Rock Plc

28/10/2009

The bank has been granted State Aid approval from the EC to proceed with its restructuring plan.

Arc Capital and Income Plc (ACI)

26/10/2009

Arc Capital and Income Plc (ACI) has gone into administration. Robin Davis, Melvyn Carter and John Alexander of Carter Backer Winter LLP have been appointed as their administrators and will be contacting investors.

NDF Administration Limited (NDFA) and Defined Returns Limited (DRL)

14/10/2009

NDF Administration Limited (NDFA) and Defined Returns Limited (DRL) have gone into administration. Andrew Hosking and Martin Ellis of Grant Thornton UK LLP have been appointed as their joint administrators and will be contacting investors.

The FSA logo and Statutory Status Disclosure

12/10/2009

We have changed our rules that state how firms can use our logo and the statements they make to describe the nature of their regulatory relationship with us.

Aviva reattribution update

18/09/2009

The High Court approved Aviva’s reattribution of its inherited estate on 18 September.

Warning - Fidelity Corporate Services

21/08/2009

We have reason to believe that Michael Robert Cameron, trading as Fidelity Corporate Services, may have obtained money from a customer for the purpose of investment, but failed to repay that investment on request. He has never been permitted to advise on or arrange investments. He is also no longer permitted to advise on or arrange insurance and mortgages.

Warning - Jeffery Flanders (Consulting) Limited

03/08/2009

We have been advised by Jeffery Flanders (Consulting) Limited that due to storm damage, the firm has lost all relevant financial records. We also believe that they may not have been passing on insurance premiums.

Keydata Investment Services Ltd

30/06/2009

PricewaterhouseCoopers LLP, the administrator of Keydata Investment Services, has announced today that it has had to freeze some interest payments and some redemption rights to anyone that owns certain Keydata products.

Warning - Griffiths McAlister Insurance Brokers Limited

12/06/2009

We believe that, in some instances, Griffiths McAlister Insurance Brokers Limited may not have passed customer premiums on to the insurer. Any customer in this position may not have valid insurance cover in place.

New capital-raising tool for building societies

12/06/2009

We have announced a new way for building societies to raise additional money, if they choose, to help support their businesses as banks already can.

Upton & Co Accountants Ltd - the 'Currency Plan'

14/05/2009

We have obtained an injunction against this firm as they may have been operating an investment scheme called the 'Currency Plan' without our authorisation. We are currently analysing the information we have received so far from investors, and the investigation continues.

Warning – New York Financial Corp and Financial Investment Solutions

14/05/2009

These firms have been cold-calling people to promote shares in UK-registered companies Afterwire PLC, CosmoSeis PLC and Uranium308 Resources PLC. They are not authorised to provide financial services in the UK. If you have been offered shares by these companies please contact us.

Dunfermline Building Society

30/03/2009

Bank of England statement on Dunfermline’s savings, mortgage and loan businesses transferring to Nationwide.

Warning - Bridgewater House UK Limited

26/03/2009

We are concerned that insurance policies taken out through Bridgewater House UK Limited may lapse due to non-payment of premiums, and that customers may not be aware that they no longer have valid insurance cover in place.

Warning - UK Expatriates Independent Financial Advisory Services (UEIFAS)

13/03/2009

We believe that UEIFAS may have cashed in investment products taken out on behalf of its clients, without its clients’ knowledge or consent, and failed to return those funds to clients. It may have also failed to pass funds transferred to it by clients for investment purposes on to the relevant investment provider.

Warning - The Financial Associate (TFA) Limited

11/03/2009

Customers who took out a mortgage, or are in the process or taking out a mortgage, through The Financial Associate (TFA) Limited (based in Sidcup) should check that the mortgage advance is for the amount that they applied for in their original mortgage application. They should also check whether they have received policy statements or correspondence from life insurance companies about life cover they don’t remember applying for.

Warning - A Razzaq Insurance Brokers

09/02/2009

Customers should check they have valid cover in place because A Razzaq Insurance Brokers, which operates in the West Midlands, did not always pass on premiums.

Treasury statement on financial intervention in the economy

19/01/2009

The government announced measures to help banks lend money to each other, to customers and to businesses.

Equitable Life

15/01/2009

The FSA has responded to the Government’s paper setting out its response to the Parliamentary Ombudsman’s report into the regulation of Equitable Life.

a name="2008"aWarning - Pure Money Limited and Pure-money.co.uk

15/12/2008

If you arranged your mortgage, remortgage, insurance or investment through Pure Money (based in Rhyl, Clwyd) we strongly advise you to contact us.

London Scottish Bank Plc

01/12/2008

London Scottish Bank has been placed in administration and can no longer accept deposits. All eligible retail customers will be protected by the Financial Services Compensation Scheme (FSCS).

Warning - Synergys Ethical Limited

10/11/2008

Synergys is no longer permitted to advise on or arrange insurance. Customers should check they have valid cover in place because Synergys did not always pass on premiums.

Skipton and Scarborough building societies merger

04/11/2008

The boards of Skipton and Scarborough building societies have announced their intention to merge for commercial reasons.

Icesave compensation update

29/10/2008

The Financial Services Compensation Scheme will be writing to savers in Icesave in about 10 days with details of how you are going to get your money back.

Warning - Cameron Farley Limited

23/10/2008

We have lodged a petition in the High Court for the winding up of Cameron Farley Limited, based in Edinburgh, who we believe has accepted deposits without FSA authorisation.

Yorkshire and Barnsley building societies merger

22/10/2008

The boards of The Yorkshire and The Barnsley building societies have announced their intention to merge for commercial reasons.

Recapitalising major banks

13/10/2008

The government has announced it is going to buy newly issued shares in RBS and also HBOS and Lloyds TSB when their merger is complete, to provide these banks with more funds to run their businesses.

Kaupthing Edge savings accounts

08/10/2008

Kaupthing's Edge savings business has been transferred to ING Direct to protect your money.

Icesave - statement to customers

08/10/2008

The UK branch of Icelandic bank, Landsbanki, which includes Icesave, has been declared in default in the UK. So in the interests of consumer protection we have triggered the Financial Services Compensation Scheme (FSCS) to safeguard retail customer savings held in Icesave.

Heritable Bank savings accounts

08/10/2008

Heritable Bank’s savings business has been transferred to ING Direct to protect your money.

Update – Ethnic Mutual Limited

07/10/2008

We have cancelled the registration of Ethnic Mutual Limited with effect from 18 September 2008. Ethnic Mutual was an exempt charity registered with us as an Industrial and Provident Society.

Bradford & Bingley

29/09/2008

Government statement on Abbey National plc buying Bradford & Bingley’s savings business and the mortgage and loans business being placed into temporary public ownership.

Lloyds TSB and HBOS bank merger

18/09/2008

We have issued a statement regarding the proposed Lloyds TSB and HBOS bank merger.

Building society mergers

08/09/2008

Today, the boards of Nationwide, The Derbyshire and The Cheshire have announced their intentions to merge. The decisions behind these commercial transactions have been outlined today by the three societies.

Warning for Pacific Continental investors

19/08/2008

We are aware of at least ten ‘recovery rooms’ who are targeting investors who bought shares through Pacific Continental Securities (UK) Ltd. 'Recovery rooms' are firms that cold call investors and offer to buy their shares or put them in touch with another buyer – for a fee.

Treadstone Corporation and Mr Thedfred Shepherd

13/08/2008

Investors who have dealt with Treadstone or Mr Shepherd should contact us as there is a possibility of compensation. The High Court has declared that Mr Shepherd and Treadstone broke the law – effectively by arranging share deals in Tramigo Oy Limited without authorisation.

Warning - Peter Hilder br (Savings Assured Mortgages)

08/08/2008

Peter Richard Hilder, who traded from Weston-super-Mare as Savings Assured Mortgages, is no longer allowed to advise on or arrange mortgages or general insurance.

Aviva reattribution offer

30/07/2008

Aviva and the Policyholder Advocate, Clare Spottiswoode, have reached agreement on a revised offer for the company’s inherited estate, under which the payment to policyholders will be linked to the value of the inherited estate. We have given a preliminary view that the offer is fair in terms of the payment being received by the policyholders, relative to the return to the shareholder, and the treatment of policyholders who wish to vote no.

Warning - Diamond Lifestyle Limited

17/06/2008

Diamond has stopped trading and is in the process of appointing an administrator or liquidator. Mortgage and general insurance customers should check they have valid cover in place.

Ideal Insurance Services

11/04/2008

Customers should check they have valid cover in place because Ideal did not always pass on premiums and sometimes cancelled policies without notice.

Square Mile Securities

02/04/2008

Asher Miller FCA, of David Rubin & Partners, has been appointed as liquidator to Square Mile Securities following a creditors' meeting on Friday 28 March 2008.

Warning - Orion Direct and Peppercom

25/03/2008

We believe general insurance premiums were not always passed on to insurers, so some customers of these firms (or their appointed representatives) may not have valid cover in place.

Warning 2 - Christian Orpin trading as PDS Business Finance

25/03/2008

The sale of Orpery Limited's property portfolio will complete soon, but the process for repaying monies to investors may still take a long time.

Warning – Ethnic Mutual Limited

14/03/2008

We have suspended the registration of Ethnic Mutual Limited for three months, effective 14 March 2008. Ethnic Mutual is an exempt charity registered with us as an Industrial and Provident Society.

Rocky Mountain Gold Mining

06/03/2008

Customers persuaded by boiler rooms to invest £1.25m in two North America-based companies are entitled to a rare 90% refund after an investigation and swift action by the FSA and our Canadian counterparts.

Warning 3 – Henry Ofili & John Adams

28/02/2008

The Insolvency Service is now dealing with the financial affairs of Henry Ofili and John Adams, who may have traded as Adams & Adams Investment Services. This is an update to our previous warning articles.

a name="2007"aWarning - Flett Sinclair and Petsure

27/12/2007

Flett Sinclair Insurance Brokers and Petsure, both from Ilford, Essex have been stopped from trading. The director of both companies, Mr David Holland, is now banned from acting as an insurance broker.

Streetcred Credit Union Ltd

18/10/2007

Streetcred, a credit union based in Rochdale, has closed for business and can no longer trade. This means it cannot accept any more deposits, cannot make any new loans and cannot repay deposits to its members.

Victoria Mortgage Funding Ltd

10/09/2007

Victoria Mortgage Funding Ltd, based in London SE1, went into administration on 10 September 2007. KPMG have been appointed as Administrators.

Warning - Moreland Jones Insurance Services

03/09/2007

Moreland, which traded from Whitstable, Kent, has stopped trading and is now in liquidation.

Warning - David Brown Insurance Services Limited

21/02/2007

If you bought insurance through David Brown Insurance, trading from offices in Derby, your cover may no longer be valid.

Warning 1 - Christian Orpin trading as PDS Business Finance

17/01/2008

The FSA has obtained restraint and freezing orders against Christian Orpin (trading as PDS Business Finance), Michael Vickery and Orpery Limited.

Warning - DC & Co Insurance Consultants Limited

12/01/2007

DC & Co, which traded from Clifton, Bristol, has stopped trading and is now in liquidation.

Warning - Damak Group Limited

05/01/2007

Damak Group (a firm registered in St Lucia) is under police investigation.