Ferguson Financial Limited, a professional services provider for insolvency practitioners, has been granted an Alternative Business Structure (ABS) licence by the Solicitors Regulation Authority (SRA).
The firm, which specialises in services for IPs to process financial mis-selling claims against financial institutions, is thought to be the first of its type of achieve ABS status.
Formerly a business unit within City law firm Ferguson Solicitors LLP, Ferguson Financial now trades as a stand-alone firm.
Charles Ferguson, managing director of Ferguson Financial, said: “We are delighted to be the first company of our type to be given an ABS licence.
“It enables us to be more flexible in the services we offer clients as well as allowing us to share the management and control of the business between lawyers and non-lawyers.”
Ferguson Financial offers support to IPs to identify and investigate the possible mis-selling of financial products to individuals and businesses that are subject to a form of debt management or insolvency process.
Maurice Power, general manager, said: “Having managed thousands of claims for clients in an IVA or subject to a bankruptcy order, we understand the needs of the Insolvency Practitioner.
“Through our in-house team of lawyers, we are able to offer advice on all areas of financial mis-selling including payment protection insurance, interest rate swaps, mortgages, mortgage protection insurance and card protection plans.
“By managing the complaint process, we are able to gain redress and pass the funds to the IP for distribution to their client’s creditors – a win-win situation for all concerned.”