Complaints over BBB reach 300

The Financial Services Compensation Scheme says it is aware of at least 300 complaints relating to mis- selling by Berkeley Berry Birch Network, which it declared in default last week, allowing consumers to claim compensation.

Following the sale of assets from BBB Network – formerly known as Berkeley Independent Advisors – to Tenet Group in March and its descent into administration, the liability for complaints now lies with the FSCS.

The Tenet Group, which took on the liability for claw-back claims from creditors when it bought BIA’s assets, says the default has no impact on its business.

Consumers can claim compensation from the FSCS of up to 48,000.

Loretta Minghella, FSCS chief executive, says: “It’s important for consumers to know that if they believe they may have lost money as a result of negligent advice, they can contact us.”