The FSCS has at the moment declared as failed a significant recommendation agency run for a number of years by former Sandringham Companions CEO Tim Sargisson.

The agency – IFG Monetary Companies Ltd (FRN: 114664) – had 37 buying and selling names in a protracted historical past from 1984 till it ceased to be authorised by the FCA in January 2016 when it was offered to Ascot Lloyd.

The transfer by the FSCS opens the doorways to former shoppers claiming compensation from the FSCS.

IFG Monetary Companies, previously often known as IFG Life & Pensions Restricted and likewise buying and selling as Goldstone Monetary Companies, has up to now seen 5 complaints in opposition to it however just one, for pension switch recommendation, has been upheld.

The FSCS advised Monetary Planning Right now that of the 4 rejected claims three have been for pension switch recommendation and one was for mortgage endowment recommendation. The one legitimate declare was for pension switch recommendation.

Based on the FCA Register, Mr Sargisson was CF3 chief government of IFG Monetary Companies Ltd for practically 8.5 years from 17 March 2006 till 5 September 2014. He was a director of the agency from November 2005. 

Earlier than he left IFG he restructured the agency which was then offered to Ascot Lloyd Monetary Companies.

Mr Sargisson advised Monetary Planning Right now that he stepped down as CEO of IFG Monetary Companies Ltd and left the IFG Group eight years in the past following the Plc board agreeing to promote IFGFS to Ascot Lloyd. He stated that questions have been greatest directed to the present house owners. Ascot Lloyd has been requested for remark.

Mr Sargisson aded: “I used to be shocked to listen to about this as as once I left in September 2014 there have been no complaints, points or misselling. The enterprise had a strong oversight and governance course of and had been ruled not simply by 1st line compliance but additionally oversight by IFG Group plc Group Danger and Compliance Officer and division. There have been additionally no points with FCA.”

Mr Sargisson, a well-known determine and commentator within the monetary recommendation sector and former CEO of a number of corporations together with James Hay Partnership, was CEO at wealth supervisor and Monetary Planner Sandringham Companions from 2015 till this summer season. He stood down in August after the agency was offered to M&G plc.

Sandringham Companions shouldn’t be linked to the failure of IFG.

IFG Monetary Companies had many buying and selling names and firms beneath its umbrella construction. Buying and selling names used embrace DK Wild & Co, John Siddall Monetary Companies, The PAL Partnership, UHY Monetary Planning and Goldstone Monetary Companies.

• Editor’s Be aware: story up to date so as to add longer quote from Mr Sargisson.

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