Active Finance, Ayr

Did you take pension and investment advice from Active Finance (Scotland) Ltd

If you did, it’s now clear that you may have been mis-advised and be due compensation. Maybe they transferred your workplace pension elsewhere or advised you to invest in unregulated assets through a SIPP.

Based at 14 Parkhouse Street, Ayr the firm is now in liquidation and on 22 March 2021 was declared as being in default by the FSCS. Authorised and regulated by the FCA since January 2014, the firm was also briefly responsible for two other advice firms – Clear My Credit Ltd and Spencer Stevenson Ltd.

Two individuals were previously involved in regulated activities at the firm – Daniel Lamont and Daryl Lloyd Brown. The former no longer has an FCA authorisation, but the latter can be found at AB Vision Financial Ltd where he’s also listed as a company director. The firm trades from a somewhat notorious address – 15 Miller Road, Ayr.

This of course was also the address of Turnberry Wealth Management, yet another failed firm that’s also in FSCS default and which had three upheld FOS decisions against advice given to pension holders to invest in Unregulated Collective Investment Schemes (UCIS). One of the directors of Turnberry was Martin Richard Brown, who in turn was also the director of Carrick Harbours Limited and Marley Administration Services Ltd. You can read more about these schemes and the losses that pension holders incurred by following the following links –

https://www.thepensionsregulator.gov.uk/en/document-library/enforcement-activity/determination-notices/milton-schemes-and-carrick-harbour-scheme-determination-notice 

https://www.dalriadatrustees.co.uk/wp-content/uploads/2020/05/Carrick-Harbours-2nd-Announcment-August-2014.pdf

The Carrick Harbours Retirement Benefit Scheme saw £930k of innocent victims pension funds used to invest in buy to let hotel rooms in two hotel developments based in Scotland, one on the outskirts of Dundee, one in Edinburgh. In addition, £200k was paid to MAP Property & Leisure Angus Ltd (now DAMAF Properties Ltd) and £234k to MAP Property & Leisure Springside Ltd. Of the remainder, about £26.5k was paid in fees to the previous trustees and their advisers.

Donald Paterson of the now failed MAP Global Property Investments Ltd of Top Floor 1c, Dukes Road, Troon was also a director at both of the above failed companies. MAP Global Property Investments Ltd are known to have actively sold unregulated investments in Store Pods, Airport Parking schemes and Harlequin.

Finally, in an “interesting” turn of events, a Beat the Banks customer has since been cold called by a business calling themselves DB Redress. They offered to help him with mis-advised pension transfer advice against both Active Finance (Scotland) Ltd and the Independent Benefit Consultancy who were formerly based in Glasgow prior to their spectacular collapse.

If you had the misfortune to deal Active Finance (Scotland) Ltd, Beat the Banks will check for free and entirely without obligation, the advice you were given.

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