The Financial Services Compensation Scheme (FSCS) has declared Devon-based adviser firm Chartergroup Financial Management (CGFM) in default following several SIPP-based complaints.
According to an update on the lifeboat fund's website, the firm failed - or went into ‘special administration' - on 24 January 2019 after determining it could not meet claims. The FSCS told Professional Adviser an administrator has not been appointed to CGFM as there are "no formal insolvency proceedings". The FSCS also said it had received 14 claims against CGFM. At the time of writing, the Financial Ombudsman Service (FOS) website showed two complaints made against the advice firm last year, both involving advice to transfer into a self-invested personal pension (SIPP). However, in ...
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