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Sorry for the delay in replying. The compensation has yet to be worked out so, in effect, my question is a hypothetical one. My husband, Ian, and I just want to know who will be responsible for paying us as the IFA has ceased trading. Thanks *****
Thanks Alex. The FOS has made a final decision in our favour against the IFA (Steven Blofield of SBA Financial Ltd on 30/06/2014 and we have to accept or reject it before 30/07/2014. It has taken a long time to reach this point and in the meantime SBA informed the FOS in writing on 02/06/2014 that SBA Financial ltd had been forced to cease trading as a financial advisory firm since 25 April 2014 because the company's professional indemnity insurance expired at midnight on 25/04/2014 and the insurer declined to renew the company's insurance. The professional insurance broker they used was unable to obtain terms for professional indemnity cover from any other source. There is a complicated calculation the Ombudsman wants to be used to calculate our award and we are hopeful that Radcliffes (IFAs) will be able to calculate it for us to give us an idea of what we might expect to get or is this something that you or one of your colleagues can do for us? Thanks *****