Blue Ocean Financial Services and the mis-selling of Novia Financial SiPPS

Blue Ocean was one of a number of independent financial advice (IFA) firms involved in mis-selling of Self-invested Pension Plans (SiPPs) through a leading UK investment platform called Novia Financial, which is now known as Wealthtime. Having been scrutinised by the Financial Ombudsman Service and found to be negligent in carrying out due diligence, Novia/Wealthtime has now set aside funds of £18m to cover compensation against these legacy investments, and former clients of Blue Ocean may be eligible.

Background

Blue Ocean Financial Services, registered with Companies House under number 04549447 and previously holding FCA reference number 526077, was based in Maidstone Kent and was originally established in 20002. According to the Financial Services Compensation Scheme (FSCS) website, the business failed in April 2017, while its directors – Ronald and Patricia Briggs – both resigned in July 2016.

Blue Ocean and Novia

The company was one of many frequent users of the Novia Financial platform, introducing 631 clients to Novia, with just over 51% of those clients investing in non-standard investments. The most common high-risk investment in the cases investigated was the 'Greyfriars Portfolio 6' (sometimes branded 'P6'), which primarily invested in unregulated overseas property developments that were illiquid.

In the Blue Ocean cases, Novia argued that it only accepted business from FCA-authorised advisers and was not responsible for checking the suitability of their advice. However, the FOS decided it was Novia’s obligation to carry out due diligence on the investments it offered, and that good industry practice would have been to refuse the business.

As a result, Novia have so far set aside a total of over £18million to compensate clients who purchased through their SiPP. If you recall receiving advice from Blue Ocean to make such an investment, you may have a claim against them, Novia or both.

What happens next and how CP Financial Claims can help

We’re specialists in recovering money from failed or mis-sold investments such as these, and have made many successful claims for clients who’ve lost out as a result.

We can handle the entire claims process, including paperwork and communicating with the relevant parties. You only pay a fee if we’re successful too, so it could be well worth your while talking to us now.

You’re not obliged to use a claims management company, and can claim for free through the FSCS or Financial Ombudsman Service, but our specialist advice and support means making a claim is a smooth and straightforward process.

Next steps

If you’ve been given poor advice by Blue Ocean and lost money as a result, submit your details on this page for a free, no obligation chat with our experts. They’ll give you clear, straightforward advice on what options are available to you.