London-based InterestMe Financial Planning Limited (IMFP) and the appointed representative InterestMe Advisers Limited (IMA) went into administration on 24 September.
Robert Goodhew and Geoff Bouchier of Kroll Advisory Limited were appointed joint administrators for both firms.
Immediately following the appointment, the administrators completed a sale of InterestMe’s client book and associated assets to My Pension Expert Limited (MPE).
InterestMe Financial Planning is authorised by the FCA. InterestMe Advisers is an appointed representative of IMFP. The FCA said the firms carry out regulated activities, including Financial Planning and advice on pensions, mortgages and wider financial planning matters.
On 24 July, IMFP agreed to a voluntary requirement which restricted the activities it could carry out. The firm agreed not to undertake new regulated activities, including accepting new customers or new investments, and not to dispose of, transfer or otherwise deal with its assets, client money or client assets without the prior written consent of the FCA.
It had previously agreed on some restrictions on its activities in April 2019, July 2020, and in October 2022.
It achieved FCA authorisation in 2011 and began trading as Interestme Wealth in 2017 and registered the name EGR Wealth Limited in 2020, according to the FCA Register.
Companies House records show the business traded under the name Thistle Consulting London Limited between 2010 and 2014 before it becamw Wise Pension Group, the name it traded under until 2017 when it became InterestMe Financial Planning.
The firm’s website lists Chris Long as managing director, Umer Farooq as finance director and Luca Giorgetti as compliance officer. It also lists 18 other staff working at the firm, either as financial advisers or working in client services.
Chris Long, managing director of InterestMe. Source: InterestMe website
Mr Long, 56, became a director of Too Long Investments Ltd in July this year and has previously or still holds directorships at some 31 companies.
They include Titan Black Limited, Elite Asset Lending Limited, Vat Lending Limited, TL Capital Limited, Advisability Limited, Legerity Financial Ltd, Return Over Time Limited, Calgevity Ltd, HLP Investments LLP, Purple Financial Investments Limited, Legacy Properties Group Ltd, LPL Properties Limited, LPL Finance Limited, Too Long Investment Ltd, EC Markets Group Ltd, Loveshaker Limited, Functionaliteam Limited, Valchemy Linited, Kasshin Limited, Barika Capital Limited, MHW Services Limited, and Blewater Bio Limited.
The FCA said IMFP does not hold client money or custody assets. “These are held by another regulated firm that keeps customers' assets secure in line with our rules. These rules are designed to protect client money and custody assets if the firm holding them fails.”
The regulator added: “We recognise many customers may be concerned about their investments. The joint administrators are now in control of the firms.”
Customers can speak to the joint administrators by email at