From working in sales for a PPI chasing CMC to providing financial advice
The FSCS recently wrote an article on how they were collaborating with the FCA to reduce the spectre of phoenixing. One of the two scenarios they pointed to was the IFA to CMC which is where a person phoenixes from an IFA into a CMC and claims compensation on behalf of their former customers. Often these CMCs would also take a high commission, resulting in a CMC profiting from the FSCS for their own bad advice. In some cases, CMCs appear to be actively recruiting failed IFAs to bring their customer book.
Interestingly, the Moneycheats project has recently found a reverse situation when personnel of a CMC have moved to a financial advisory firm.
We have written extensively about the former CMC, Legal and Financial Solutions Ltd (LFS Claims), it's connections to dubious CMC's and links to current CMC, Shepherd and West Ltd. The common director, Ciaran Hamilton was also cited in a further blog which detailed his other companies, including his shares in Hilltop Finance Ltd.
Hilltop Finance Ltd is authorised by the FCA and is an independent financial advisory firm, specialising in pensions, investments and retirement planning. The website boasts of in-house team of over 25 fully trained professionals including independent financial advisers, paraplanners and a financial compliance team. Presumably, this team includes Craig Campbell who “specialises in pension advice/retirement planning” according to his Linked In Profile.
Until September 2017, Mr Campbell was the Sales Manager for LFS Claims who specialised in PPI claims sold on mortgages, loans and credit cards. However he then moved to Hamilton Finance Ltd, qualified with a Diploma in Regulated Financial Planning and works as an Independent Financial Advisor.