Norwich independent financial adviser Chandler King (City) Limited (FRN 440232) has entered creditors’ voluntary liquidation after agreeing to a voluntary requirement with the FCA in April, which restricted its activities.
Grace Jones and Karyn Jones of Parker Andrews were appointed as joint liquidators on 17 September.
A creditors’ voluntary liquidation is a voluntary process initiated by the company’s directors which allows the business to address its debts and conclude its affairs in a structured manner.
On 28 April, Chandler King agreed to a voluntary requirement with the FCA, which restricted its activities. Before entering liquidation, Chandler King applied to cancel its FCA permissions, which is subject to review by the FCA.
The FCA said the firm advised on investments and pensions.
According to Companies House, the business was incorporated in 1998 under the name KJH Financial Services Ltd. It changed its name to Chandler King in 2005, when it received FCA authorisation.
The firm’s director was Harlow-based Mark Goodwin, 65, who had been with the business since it was set up in 1998.
According to the FCA's note on the liquidation, the Financial Ombudsman Service upheld complaints about unsuitable investment advice given to consumers by the firm without adequately explaining the risks.
The FCA said: “Having considered the financial position and received professional insolvency advice, Chandler King stopped trading. The director took steps to place Chandler King into creditors’ voluntary liquidation.”
It said the joint liquidators will carry out an assessment of any client money and custody assets held by the firm to confirm the current position.
Following the assessment, the joint liquidators will work to return as much client money and custody assets to customers as possible, as quickly as possible. They will decide in due course how best to return any client money and custody assets.
The joint liquidators will write to customers with their proposals and explain any claims process that may apply, the FCA added.