Mis-sold Grainger Co Foreman Financial Services SIPP Claims
As of October 2017, the financial advice firm of Foreman Financial Services Limited, which traded as Grainger Co from an office in Tunbridge Wells, is no longer authorised by the Financial Conduct Authority. This means it cannot carry on performing regulated activities like offering clients financial advice.
A notice on the first page of the Grainger Co website informs visitors of this. It reads, the firm of Foreman Financial Services LTD – trading as Grainger Co Financial Services – has ceased trading permanently.
FOS filed a complaint against Foreman Financial Services Ltd. In decision, DRN9652493 was upheld regarding their advice to a specific customer. It was to invest in high-risk property investments via a SIPP. The customer was never assessed properly to see if the investment was right for him.
Attention Those Who Took Advice From Graingerco
At theYEC, we are researching the circumstances surrounding Grainger Co’s closure together with its change in FCA authorisation status. We are looking for any former clients who were advised by them to enter into a Self-Invested Personal Pension.
We offer a free, no-obligation pension check. This advice tells you if you may have a problem with the advice you got from the company. If so, you may make a no-win-no-fee basis claim with us.
Why Should You Make A Claim
Following the good-bye GraingerCo posted on its website, more information has surfaced. An article in CityWire revealed that Foreman Financial Services were forbidden by the FCA to conduct business. The regulator believed the company was not fit to do business in financial service. The firm had failed to pay compensation to clients over again for mis-sold overseas property investments.
One client did win a claim against the firm of Foreman Financial Services Ltd also called Grainger Co. This occurred in September of 2016 but the claim was never paid. This was what forced the FCA to revoke the company’s authority to do business because it did not satisfy the fit-and-proper-person assessment.
A few more decisions against Foreman Grainger Co came to light. These involved SIPP investments in a Greyfriars Portfolio Six which the FCA had already banned over concerns the portfolio had with high-risk investments. Most any claim against the advice of Foreman Grainger Co can still be paid, however, with those conducted by us now going straight to the FSCS!