Tue, 29 Nov 2011 | ADMINISTRATION
IFA business Target Financial Management is poised to enter administration after seeing £6 million worth of claims made against it relating to Keydata Investment Services Limited.
TFM, which is owned by the group Target Chartered Accountants, is following two other subsidiaries, namely Target Consulting Group and Target Consulting, into administration. It was reported by MoneyMarketing.co.uk that administrators haven’t yet been brought in to London-based Target Chartered Accountants.
The Financial Services Compensation Scheme (FSCS) had been chasing TFM, along with other firms, as part of its efforts to recoup compensation paid to Keydata claimants.
The FSCS implemented a £326 million levy on the finance sector in January, in order to recover the costs after Keydata failed. It is understood that advisers paid £93 million and fund companies paid £233 million.
Target Financial Management was set up in 2003 as a niche tax practice operating in Bath.
Mike Cleary, former chief of operations at Foster Denovo, was brought in to TFM in February 2010 to help turn around the troubled business, which had suffered a fall in income and staff loses in recent years. Part of his plan was to focus on charging customers for a retained service and to boost recurring income, and to move away from transactional business.
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