An appointed representative of Quilter, Fiscal Wealth Planning, has purchased the client database of BlackStar Wealth Management.
BlackStar, the Midlands-based advice company, collapsed in August of this year after receiving 99 Financial Ombudsman Service complaints, particularly complaints about unregulated investment in Sipps.
Fiscal Wealth Planning will start advising BlackStar’s clients as part of the Quilter Financial Planning network. The liabilities of BlackStar were not picked up in the deal, meaning other firms may be left with the compensation bill through the FSCS levy.
Fiscal Wealth Planning is led by Leanne Holder, who previously worked as a paraplanner at BlackStar, setting up Fiscal and applying as a Quilter AR following BlackStar’s collapse.
A representative of Quilter said: ‘Many of the clients from Blackstar have not had access to advice for two months, which we do not believe is in their best interest. Leanne Holder and her firm have an opportunity to provide advice to clients in the controlled Quilter Financial Planning environment, which has strict supervision and oversight to ensure the advice is the best possible for the clients.’