Furness Financial Management

Status:

No Longer Authorised

Reports:

Financial Ombudsman Service forces Furness to compensate losses for poor pension advice

About:

Furness Financial Management was authorised and regulated from 2002 until their authorisation to provide financial services was revoked by the Financial Conduct Authority in 2015. Furness traded from Queens Gardens Business Centre in Newcastle-under-Lyme, with Christopher Michael Holland as company director. According to public records, Mark Anthony Albinson was also a director for one day from the 17th of January 2014, until resigning on the 18th of January 2014. Both directors continue to offer financial services via other limited companies of which they are directors.

Complaints about Furness Financial Management largely concern the unsuitable advice that was given by them, as well as poor communication and misrepresenting the value of proposed investments. In one case considered by the Financial Ombudsman Service, a client was promised a retirement income of £30,000 per year. However, upon retiring, the client is only receiving an income of £7,500 per year – 25% of what was originally promised.

In another case reviewed by the Financial Ombudsman Service, Furness Financial Management advised a client to place the entirety of his pension savings into a single investment: “Best Car Parks”. The Financial Ombudsman Service determined that the advice provided by Furness Financial Management was entirely unsuitable considering the financial circumstances of the client in question. Indeed, organisations such as The Telegraph, Financial Times and Professional Adviser have commented on the dangers of investing pension savings into such esoteric and irregular schemes.

The Financial Services Compensation Scheme declared Furness Financial Management in default in May of 2017.

 

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