Ferguson Financial is granted ABS licence
Ferguson Financial Limited, which specialises 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.
Formerly a business unit within City law firm Ferguson Solicitors LLP, Ferguson Financial is thought to be the first firm of its type to achieve ABS status. An ABS is a regulated organisation which provides legal services and has some form of non-lawyer involvement at management and/or ownership level.
We are delighted to be the first company of our type to be given an ABS licence
Ferguson Financial now trades as a stand-alone law firm offering support to IPs by helping them to identify and investigate the possible mis-selling of financial products to individuals and businesses that are subject to some form of debt management or insolvency process.
Ferguson Financial Managing Director Charles Ferguson said: “We are delighted to be the first company of our type to be given an ABS licence. It enables us to be more flexible in the services we offer clients as well as allowing us to share the management and control of the business between lawyers and non-lawyers.”
Maurice Power, General Manager, added: “Having managed thousands of claims for clients in an IVA or subject to a bankruptcy order, we understand the needs of the Insolvency Practitioner. 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.
“By managing the complaint process, we are able to gain redress and pass the funds to the IP for distribution to their client’s creditors – a win-win situation for all concerned.”