A Claims Management Company
Total amount invested
Why did people invest in it?
Financial Page was a financial advice firm run by Andrew Page that was founded in 2011.
Why was it mis-selling?
The firm entered liquidation in July 2016 related to complaints made against the firm. The FSCS declared them to be in default on 20th April 2017.
Potential value of cases
Financial Page Ltd, also known as Andrew Page Financial, was founded by Andrew Page in 2011. The firm was based in Oswestry, Shropshire, and offered financial advice to their clients. They allowed the inclusion of some non-standard assets within their investor profiles, including the AIGO Fund, and Hennessey Jones Bonds. They also offered a specialist pensions transfer service.
In July 2016, Financial Page Ltd was entered into administration. This was related to the fact that the firm allowed high-risk illiquid non-standard assets to be included when it provided pensions advice.
In most cases, unless a client has a high overall net-worth, it is not appropriate for a pension to contain high-risk assets, and the FCA questioned the due diligence process used by Financial Page. This was specifically noted on the FCA profile for Financial Page from March 2016 onwards, where it stated that the firm must not “facilitate investments into non-standard assets (including the AIGO Fund and Hennessy Jones Bonds).”
In September 2016, the firm was ordered to cease all pensions switches and pensions transfers business by the FCA. Notably, the firm had already entered into liquidation by this stage. They were also ordered not to attempt to dispose of any assets without the prior consent of the FCA, as this could damage client interests.
In April 2017, the firm was officially declared to be in default by the FSCS.As of February 2018, the FSCS had already paid out huge sums to Financial Page customers, likely measured in the millions.
Finally, in December 2018, the firm was issued a Decision Notice by the FCA. Within this notice, the FCA stated that Financial Page had failed to conduct appropriate due diligence, had failed to appropriately consider client interests when offering pensions transfers, and had inappropriately included illiquid investments within pensions. The FCA stated that if Financial Page had not been illiquid, the firm would have been fined £283,100.
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