Today's front page leads on a pension firm linked to Michelle Mone's husband being shut down amid claims dozens of military veterans lost thousands of pounds. scotpapers Read More:
Dozens of veterans were left out of pocket after being urged to switch safe pensions to riskier funds by a firm owned by Michelle Mone’s husband.
The FSCS said it awarded payouts to FPS clients for “bad or negligent advice” they received. It is not suggested that Barrowman had any direct role in giving the advice by FPS. Nor is it clear which advice given was negligent. The Manchester-based firm was bought by Barrowman’s Knox Group in 2014. It went into voluntary liquidation in January 2019. FSCS officials said there were “eligible claims against the firm and at least one of those claims is valid” and that “the firm has no means to pay these claims itself”.
FPS was run from 2014 by Arthur Lancaster. He said the Army pension “had a number of issues in terms of age of access and spousal benefits” that other pensions could help with.
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