Foreman Financial Services / Graingergo Claims
Financial advice firm Foreman Financial Services Limited, which traded as Grainger Co from their Tunbridge Wells office, is now No-Longer Authorised by the Financial Conduct Authority as of late October 2017, meaning it can no-longer carry out regulated activities such as providing clients with financial advice.
Furthermore, a notice replacing the front-page of the Grainger Co website told visitors that “Foreman Financial Services LTD (trading as Grainger Co Financial Services) has permanently ceased trading”.
In FOS decision DRN9652493, a complaint against Foreman Financial Services Ltd was upheld regarding their advice to a Mr S to invest in high-risk property investments through a SIPP without properly assessing whether the investment was suitable for him.
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Several financial advisers and the FSCS have been paying out compensation for mis-selling investments via SIPPs and SSASs for a few years, with Spencer Churchill Claims Advice often leading the claim.
This includes advice given by Graingerco.
If you:
- Transferred your pension to a SIPP
- Made high-risk investments
- Aren’t earning over £100k per year
- Aren’t a Sophisticated Investor
Then you may have been mis-sold, and you could be able to make a claim for negligent SIPP advice.
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Foreman Financial Services mis-selling
The team at Spencer Churchill Claims Advice are currently looking into the circumstances surrounding Grainger Co’s closure and change in FCA authorisation status, and are looking for former and current clients of Grainger, particularly those who took advice to enter into a SIPP (Self-Invested Personal Pension).
Spencer Churchill Claims Advice operate a FREE and NO-OBLIGATION pension advice check, which tells you whether we think there may have been a problem with the pension advice you received, and whether you may be able to make a claim with no upfront costs.
Please note: No Win – No Fee*: Successful claims made through Spencer Churchill Claims Advice are subject to the Success Fee, charged as per your terms of business and engagement letter of any monies awarded to the claim. Clients have a 14 day “Cooling-Off” period during which time they may cancel at any time without charge. After this time, cancellation will result in the application of the Cancellation Fee.
*Figures calculated before deduction of Success Fee and taxes
Graingerco timeline
2003 - Foreman Financial Services
2016 - Ombudsman Complaints
In September it was revealed that Foreman Financial Services gave a Mr S advice back in 2011 about investing a SIPP pension in now troubled and infamous investment Harlequin property.
The complaint was upheld and published.
2017 - Portfolio Six
Another high-risk investment (or rather a portfolio of investments created by Greyfriars) becomes involved GraingerCo told Mr N to invest in it through his pension in 2014.
Again, the FOS upheld the complaint against GraingerCo.
2018 - Withholding Compensation
In 2018, it was reported that the watchdogs at the FCA had cancelled GraingerCo’s permissions to give pension advice, after it had refused to pay compensation it owed a former client.GraingerCo could no-longer conduct regulated activity.
2018 - Declared in FSCS Default
In September 2018, Foreman Financial Services was declared in Default with the FSCS, meaning that the FSCS will consider paying claims for formed clients of the firm, and will pay them if successful.
The firm was dissolved on 31 July 2018 by voluntary strike-off.
Related to Graingerco
