Square Mile Securities
Watch out for 'recovery room' scams
Customers of Square Mile should be wary of telephone calls out of the blue from firms offering to help you get your money back for a small deposit or fee. You will only lose out by falling for such scams.
We know some of these recovery rooms claim to be from the FSA to gain your trust. But this is not true: we do not call individuals out of the blue with such offers. Find out what to do if you're not sure – Bogus FSA communications.
Latest statement – 2 April 2008
Asher Miller FCA, of David Rubin & Partners, has been appointed as liquidator to Square Mile Securities following a creditors' meeting on Friday 28 March 2008.
If you have any queries about, holdings with or claims against Square Mile, you should write to:
David Rubin & Partners
Pearl Assurance House
319 Ballards Lane
London N12 8LY
Fax: 020 8446 2994
E-mail: louise@drpartners.com
Previous statement – 20 March 2008
On 19 March 2008, the London Gazette published a notice of a meeting on 28 March 2008 for creditors of Square Mile Securities. The meeting, to nominate a liquidator, will be at the offices of David Rubin & Partners, at Pearl Assurance House, 319 Ballards Lane, London N12 8LY.
Asher Miller FCA of David Rubin & Partners, currently acting as insolvency practitioner to the company, will provide creditors with free information about the company before the meeting.
Most of the firm's regulatory permissions have now been removed.
Previous statement – 14 January 2008
This London-based stockbroker has been fined £250,000 for persistently using high pressure sales tactics and misleading information to sell customers shares that they did not want or could not afford.
The firm has agreed to send its customers a letter advising them of the FSA's findings and information on how to make a complaint.
Who does this affect?
Customers who have been sold higher-risk shares (i.e. those trading on either the AIM or PLUS Markets) by this firm.
What should affected customers do next?
Read the letter from the firm and consider whether you feel you were sold the shares appropriately. If not, you may wish to make a complaint by writing to the firm with details. The firm should investigate the complaint and provide a clear and fair answer within eight weeks and explain that if you're not happy with the response you can refer the matter to the Financial Ombudsman Service. For more information on how to make a complaint see Making a complaint.
Further information
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