FSCS places Welsh firm in default over unsuitable investment advice claim

The lifeboat fund received one claim related to unsuitable investment advice

Ayesha Venkataraman
clock • 2 min read

The Financial Services Compensation Scheme (FSCS) has declared Cardiff-based financial advice firm Juno Moneta Wealth in default.

The firm, trading as NAPIT Wealth, Empower Wealth Management and Teal Financial, ceased to be authorised as an appointed representative (AR) by the Financial Conduct Authority (FCA) on 7 August 2018, according to the FCA Register. On 15 March 2021, a court ordered that the firm be wound up under the provisions of the Insolvency Act 1986. The firm had three directors, Neil and Claire Louise O'Halloran and Andrew John Boyt, who held the role of compliance director. The FSCS told Professional Adviser it has received a single valid claim related to unsuitable investment advice, which i...

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