Juno Moneta Wealth Limited and Oracle Consultants Limited have both failed on 11 November 2022, the Financial Services Compensation Scheme (FSCS) announced.
Both firms provided financial advice services, according to Companies House.
Juno Moneta Wealth traded as Teal Financial, Empower Wealth Management and NAPIT Wealth; while Oracle traded as Incisive Wealth/Incisive Dental and Incisive Wealth Management, the lifeboat scheme said.
Details
Juno Moneta Wealth used to act as an appointed representative of Network Direct Limited, an advisory firm that entered administration in November 2020, the Financial Conduct Authority (FCA) register shows.
In May 2022, a firm called Juno Moneta Capital Management was declared in default by the FSCS, but there doesn’t seem to be any connection between the two. Juno Moneta Wealth was based in Cardiff, while Juno Moneta Capital Management was based in Cheltenham and its client book was bought by AFH in August 2020.
They both traded under different names and were appointed representatives of different businesses.
Oracle entered liquidation in October 2021. In November 2020, the FCA had placed a series of restrictions on the firm including the inability to carry out regulated activities without the watchdog’s written consent, to dispose of any assets and the requirement to inform the FCA if its professional indemnity insurance was withdrawn or reduced.
Claims
A spokesperson for the FSCS told International Adviser the lifeboat scheme has received one valid claim against each company, both of which are in progress.
Juno Moneta Wealth has a claim about investment advice, while Oracle Consultants has a claim related to general investments.
