Berkeley Burke SIPP declared in default by FSCS

The Financial Services Compensation Scheme has declared 12 failed firms in default in April - including former major SIPP provider Berkeley Burke. In declaring the defaults, the FSCS has opened the door to investors to claim compensation for losses. The regulated firms in default include Berkeley Burke SIPP Administration, one of the biggest SIPP failures, and Discretionary Fund Manager and SIPP firm Greyfriars Asset Management of London. Claims against Berkeley Burke alone could eventually top £150m. A number of adviser firms are also listed including Fusion Wealth Management of Coventry. The FSCS received numerous complaints against one of the firms, Saxon Capital, from customers who bought unlisted shares in a company called Oxford Renewable Fuel Ltd. Oxford Renewable Fuel raised £7m from around 340 investors, including some via a number of introducers and IFAs. Four of the firms are based in Greater London with two in the North West and two in the East Midlands The firms declared in default are: Greater London Opal Mortgage Life & Pensions Limited 121 Burnt Road, Lee, London, SE12 8RAGreyfriars Asset Management LLP 25 Moorgate, London, EC2R 6AYSaxon Capital Limited 60 Cannon Street, London, EC4N 6NPCity One Securities Limited formerly Europacific Corporate Finance Limited, Holmes & Company Limited c/o William Antony Batty & Hugh Francis Jesseman, Antony Batty & Company LLP, 3 Field Court, London, WC1R5EF South West Whitestone Cars Limited Bishop Fleming, 16 Queen Square, Bristol, BS1 4NT East Midlands The Atherstone Garage & Electrical Company Limited Granville Hall, Granville Road, Leicester, LE1 7RUBerkeley Burke SIPP Administration Limited Berkeley Burke House, 2 Regent Street, Leicester, Leicestershire, LE1 7BR West Midlands Fusion Wealth Management Limited 8 Eaton Road, Coventry, West Midlands, CV1 2FF North West The Carlton Garage (Preston) Limited. t/a Ainsdale Finance And Leasing 642 Liverpool Road, Southport, Merseyside, PR8 3BHWeaver Finance CI Limited 18 High Street, Northwich, Cheshire, CW8 3HB Wales Slaters of Abergele Limited The Showroom Premises, Market Street, Abergele, Clwyd, LL22 7AL Scotland Clydegrove Financial Consultants Limited 910 Tollcross Road, Glasgow, Lanarkshire, G32 8PE

Berkeley Burke SIPP declared in default by FSCS

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