Complaint against FSA over 'phoenixed' firm rejected

In the complaint, investor John Giannotti and his solicitors claimed the FSA had made a number of errors in relation to the transfer of assets from Wynyard Asset Management Ltd to Argentum Lex Wealth Management Ltd. Giannotti had received poor advice relating to a pensions switch from Wynyard and, after it went into administration in September 2010, a settlement figure of £243,511 was agreed with the administrators. However, the complainant had already discovered Wynyard had applied to have its assets moved to Argentum Lex, something the complainant argued was an act of ‘phoenixing', ...