An advisory firm which attempted to spearhead an IFA-led judicial review into the fairness of an Arch Cru compensation offer has been declared in default.
In 2011, Coull Money, backed by other firms which had recommended clients invest in the failed funds, lodged a challenge into the fairness of a £54m payment package put forward by the three main companies charged with the management of the funds and the safety of deposits into them - Capita, HSBC and BNY Mellon.
The Financial Services Compensation Scheme (FSCS) has now declared Coull Money, as well as 15 other advisory businesses, in default, meaning its clients can make a claim against it should they wish.
According to the financial services register, Coull Money was no longer authorised as at 3 November 2011.
As reported by IFAonline.co.uk in the same month, it is understood Joanna Coull transferred Coull Money's assets in the form of clients to a new employer, RE Hutt, where the register shows Joanna Coull became an approved person in June 2011.
Liability for any compensation claims remained with Coull Money, according to Hutt.
FSCS declarations (12 March 2014)
ACG Financial Management (Liverpool)
Philip M. Derbyshire & Company (Cheshire)
Transglobe Independent Financial Advisors (North Yorkshire)
Cornovii Investment Management (Stoke-on-Trent)
David James Financial Services (Nottingham)
Coull Money (Leamington Spa)
Peter G Bodington & Associates (Leicestershire)
Independent Mutual (Leicestershire)
141107 - formerly GD Tancred Financial Services (Peterborough)
Green Denman & Company (West Sussex)
Helmlake Financial Services (Surrey)
Meads Financial Consultants (Easet Sussex)
Opulen Management (Hampshire)
Stirling Associates (Cheltenham) - formerly t/a Lansdown Financial Services and Stirling Associates (UK) (Cheltenham)
G Fleming, C Morrison & J Ferris t/a Raith Insurance & Financial Services (Fife)
Clark Rees (Cardiff)
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