The FSCS has today declared as failed former major advice firm IFG Financial Services Ltd.
The firm (FRN: 114664) had 37 trading names in a long history from 1984 until it ceased to be authorised by the FCA in January 2016 after being sold to Ascot Lloyd.
The move by the FSCS opens the doors to former clients claiming compensation from the FSCS.
IFG Financial Services (IFGS), formerly known as IFG Life & Pensions Limited and also trading as Goldstone Financial Services, has so far seen five complaints against it but only one, for pension transfer advice, has been upheld.
The FSCS told Financial Planning Today that of the four rejected claims three were for pension transfer advice and one was for mortgage endowment advice. The one valid claim was for pension transfer advice.
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According to the FCA Register, Tim Sargisson was CF3 chief executive of IFG Financial Services Ltd for 8 years from 17 March 2006 until 5 September 2014. He was a director of the firm from November 2005.
Before he left IFG he restructured the firm which was then sold to Ascot Lloyd Financial Services.
Mr Sargisson told Financial Planning Today that he stepped down as CEO of IFG Financial Services Ltd and left the IFG Group over eight years ago following the Plc board agreeing to sell IFGFS to Ascot Lloyd. He said that questions were best directed to the current owners. Ascot Lloyd has declined comment on the FSCS decision.
Mr Sargisson added: “I was shocked to hear about this as when I left in September 2014 there were no complaints, issues or mis-selling. The business had a robust oversight and governance process and had been governed not just by 1st line compliance but also oversight by the IFG Group plc Group Risk and Compliance Officer and department. There were also no issues with FCA.”
Mr Sargisson, a well known figure and commentator in the financial advice sector and former CEO of several firms including James Hay Partnership, was CEO at wealth manager and Financial Planner Sandringham Partners from 2015 until this summer. He stood down in August after the firm was sold to M&G plc.
Sandringham Partners is not connected to the failure of IFGFS.
IFG Financial Services had many trading names and companies under its umbrella structure. Trading names used include DK Wild & Co, John Siddall Financial Services, The PAL Partnership, UHY Financial Planning and Goldstone Financial Services.
• Editor’s Note: story updated to add longer quote from Mr Sargisson.
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