Cheshire-based pension and SIPP adviser firm in default

Cheshire-based adviser firm Holborn Assets Ltd (FRN 648817) has been declared in default by the FSCS, opening the door to ex-clients to make claims for compensation. The firm also traded under the names Cheshire Pension Consultants and Expatriate Financial Planning Services, the FSCS said. FCA records show the firm traded under a total of 14 different names between 2015 and 2022. The FSCS told Financial Planning Today it has so far had 36 claims against the firm relating to general investments, pensions and SIPPs. It said one claim has been upheld leading to the default declaration, and one claim has been rejected. Holborn Assets became authorised in February 2015. The firm went into liquidation on 24 October 2023. The liquidators appointed were Quantuma Advisory Limited, based in Brighton. The firm registered five other current trading names between 2018 and 2022: Holborn in July 2018, Pension Transfer Experts in October 2020, James Parker Financial in September 2021, Neo Financial Planning in February 2022, and Global UK Wealth in October 2022. It also registered a further eight trading names for short periods. They were: Kensington Pension Consultants (December 2019 to January 2020), Cheshire Pension Consultants (December 2019 to January 2020), Expatriate Financial Planning Services (December 2019 to February 2022), UK Pension Transfer Advisory Service (January 2020 to September 2020), UKPTAS (January 2020 to September 2020), FS Pension Solutions (January 2020 to December 2021), Pension Transfer Expert (September 2020 to October 2020), and T&T International (March 2021 to October 2022). Of five officers listed at Companies House records for Holborn Assets, only one had a London correspondence address, with one listed in the Turks and Caicos Islands and three others in the United Arab Emirates. Its last accounts, published at the end of 2022, reported that the company’s principal business was investment advice and DB pension transfers. The accounts revealed that the business made a loss for 2022 of £37,417, despite a turnover of £1.3m and gross profits of £827,253. The loss was down to administrative expenses of £864,670. In 2021 the firm lost £168,349, on a turnover of £1.4m and gross profits of £922,892. Administrative expenses in 2021 topped £1m, coming in at £1,091,241, according to the published accounts. According to the FCA Register, the firm is now in an insolvency process. “It is under the control of the appointed insolvency office holder(s) and may have stopped taking on new business. It remains authorised and has to continue to meet our regulatory standards, including when dealing with its customers.” The FSCS said it is now considering claims against the firm. It said all claims will be assessed on a case-by-case basis, to determine whether they are eligible for compensation. As part of its investigations, the FSCS will consider whether the firm can meet claims made against it.

Cheshire-based pension and SIPP adviser firm in default

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