A business specialising in helping insolvency practitioners (IPs) to process financial mis-selling claims against financial institutions has been granted an alternative business structure (ABS) licence by the Solicitors Regulation Authority.
Ferguson Financial Limited, formerly a business unit of City employment specislist firm Ferguson Solicitors, said it was the first such business to take the step.
Ferguson Financial now trades as a stand-alone law firm offering support to insolvency practitionrs by helping them identify and investigate the possible mis-selling of financial products to individuals and businesses that are subject to debt management or insolvency processes.
A statement from the firm said: ‘Through our in-house team of lawyers, we are able to offer advice on all areas of financial mis-selling including payment protection insurance, interest rate swaps, mortgages, mortgage protection insurance and card protection plans.’
Charles Ferguson, senior partner of Ferguson, will remain managing director of the new entity. Maurice Power, general manager, told the Gazette that ABS status would create ‘a lot more flexibility to look at more service sectors and to act autonomously’. The business currently has two solicitors as directors and one on staff, will be recruiting, Power said.
It would be premature to reveal turnover or profit figures, he said.