Helm Godfrey under investigation over Ucis advice



 

London-based advice firm Helm Godfrey is under investigation over its advice on unregulated collective investment schemes (Ucis).

The firm was ordered to commission a skilled persons report, also known as a section 166, by the Financial Services Authority in February 2012. Helm Godfrey volunteered for the scope of the review to be extended beyond the regulator’s initial requirements.

The regulator originally ordered a review, which is still ongoing, into Ucis advice given by a former Helm adviser who specialised in this area.

On Helm’s recommendation the review was extended to cover all Ucis advice given by the firm between 2007 and 2010, the period specified by the regulator.

Helm declined to name the adviser but said they had predominantly worked with high-net-worth clients and had been involved in setting up Ucis funds.

New Model Adviser® understands that the adviser is John Mather (photo). Mather declined to confirm or deny he was the adviser in question.

Mather worked at the firm between November 2007 and December 2010 and is listed on Companies House as the director of a firm called Guildhall Asset Management.

He is a non-executive director of two Guernsey-based schemes, absolute return fund Guildhall Managed and PCC Rejuvenation, which funds the development of houses and a commercial centre in Mauritius.

The Financial Conduct Authority (FCA) register lists him as an adviser with London-based Booth Wealth Management (UK). According to the register Booth is restricted from advising on or promoting Ucis until an ‘independent reviewer, the appointment of which will be agreed with the FCA, has completed a past business review’.

Helm admitted the Financial Ombudsman Service had upheld one complaint against it in relation to Ucis advice. According to documents filed with the Channel Islands stock exchange Guildhall Managed lost almost half its value over two years. Its net asset value fell from around £993,200 in December 2009 to approximately £513,000 in December 2011.

Posted by on Sep 26 2013. Filed under Actualités, Faits Divers, Featured, Photos. You can follow any responses to this entry through the RSS 2.0. You can leave a response or trackback to this entry

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