The Financial Services Compensation Scheme has declared BBB Network – formerly Berkeley Independent Advisors – in default, paving the way for
consumers to receive compensation from the scheme.
Consumers can claim compensation of up to 48,000 if they have lost money as a result of negligent advice from Berkeley Independent Advisors.
Loretta Minghella, chief executive at the FSCS, says: It is important for consumers to know that if they have had dealings with this firm, and believe they may have lost money as a result of negligent advice, they can contact.
FSCS is the UK’s statutory fund of last resort for customers of regulated
financial services firms. The service is free to consumers. Declaring a firm
in default is the final part of a process whereby a regulated firm, such as
a financial adviser has been found by FSCS to be unable to pay claims.
This means that customers who have lost money as a result of dealings with one of these firms can make a claim for compensation to FSCS. Consumers who believe they may have a claim should contact the scheme.
FSCS can pay compensation for claims relating to bad advice – for example,
if somebody has been advised to buy an investment product such as an endowment policy, but it was unsuitable for them and they have lost money as a result of the advice they received.
FSCS can also pay compensation for financial loss arising from negligent investment management and fraud, or if an authorised investment firm stops trading and cannot return its customers’ investments or money.