FCA Blocks Alexander David Securities Limited from Unauthorised Disposal of Assets

The FCA has imposed requirements on corporate advisory firm, Alexander David Securities Limited (ADSL), which means it must not dispose of any assets without the written consent of the FCA.

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Since 29 June 2020, ADSL has not been permitted to undertake any regulated activities, hold client money or assets nor issue or approve for third parties any financial promotions.

The FCA is acting so money is available to pay compensation owed by ADSL, including so far unpaid redress awarded by the Financial Ombudsman Service, to those given unsuitable pension advice.

ADSL previously had multiple agents, known as Appointed Representatives, for which it was responsible. Two of these firms, St Pauls Marketing Limited and Templeton Securities Limited, provided investment advice. These firms recommended clients transfer their pensions into self-investment personal pensions and to invest those funds in mini-bonds. The Financial Ombudsman Service has upheld complaints that this advice was unsuitable and the transfers were not in the customers' best interests.