Grosvenor Butterworth Pension Claims
With their hands tied behind their back by the FCA and with a legacy of negligent financial advice claims stacked behind them, Grosvenor Butterworth – the Cardiff-based financial advice firm is now in liquidation, so says company director Tony Cuming. But what did Grosvenor Butterworth do to deserve going out of business?
The answer may be linked to Beaufort Securities investment portfolios, and if you’ve been advised by Grosvenor Butterworth to invest in one, either as cash or via a Self-Invested Personal Pension (SIPP), then it might be time to get a second opinion on that advice from our Specialist Case Handlers…
Now, as of June 2018, the FSCS has declared that Grosvenor Butterworth are now in default, meaning that the FSCS will consider paying out for compensation claims made against the firm.
Can you make a claim?
Get started nowCan you make a Grosvenor Butterworth claim?
Financial advisers have a duty to only advise in their clients’ best interests, and that includes ensuring that pension transfers and investments are suitable.
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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FCA Rules for Grosvenor Butterworth
Financial Conduct Authority first took action against Grosvenor Butterworth back in June 2017, when it slapped them with a section 166 review – basically, meaning that it had to suspend some regulated activities (such as advising on pension switches and transfers), until a “skilled” third party had been appointed to review their processes to ensure they are up to scratch.
But later on, the FCA went the whole-hog and expanded these restrictions to a “cease all regulated activities” until the completion of the section 166 review, meaning Grosvenor Butterworth couldn’t do very much in it’s capacity as a financial adviser.
At least 25 section 166s were handed out to financial advisers last year, in cases where the regulator is “concerned […] about aspects of a regulated firm’s activities”, but Grosvenor Butterworth’s went further than some others, forcing then to end their relationships with unregulated introducers.
Grosvenor Butterworth timeline
1992 - Grosvenor
2013 - Unsuitable investment advice
In 2013, the Ombudsman decided that Grosvenor Butterworth had given clients (Mr & Mrs E) unsuitable pension advice, putting them at more risk than they could afford.
2016 - Skandia
2017 - Media Attention
By 2017, Grosvenor Butterworth was looking like it would close, after the FCA said it had given “unsatisfactory” advice over Beaufort Securities investments.
2018 - Liquidation
Just a few months later, the company went into Liquidation.
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