FSCS declares 2 adviser corporations as failed

Two extra adviser corporations have been declared as failed at present – growing the quantity listed as failed or underneath investigation by the Monetary Providers Compensation Scheme this week to seven.

The 2 corporations are PH7 Wealth Administration of Burnley, Lancs and WR Simon Ashley Silver Unbiased Monetary Advisor of Leeds.

There are 14 claims towards WR Simon Ashley Silver Unbiased Monetary Advisor Ltd (FRN 209539) which utilized to cancel its authorisation in Could 2022 and is in liquidation. The claims towards the agency are for funding and pensions recommendation.

The FSCS says there may be one declare, for SIPP recommendation, towards PH7 Wealth Administration Ltd (FRN 842598), previously often called The Pension Place Ltd and which additionally traded as PH7 Mortgages and PH7 Insurance coverage Brokers. The agency ceased to be authorised after September 2022 and was dissolved as an organization in October 2023.

Neither of the corporations have BSPS claims. Each are newly declared failed corporations so each have just one upheld declare thus far, the FSCS stated.

Claimants can search as much as £85,000 per declare towards failed corporations.

Two days in the past Redditch-based Go IFA Ltd grew to become the fifth recommendation agency this week to be declared as failed or underneath investigation by the FSCS. The FSCS has obtained three claims towards the agency thus far for pension switch and SIPP funding recommendation. Not one of the claims have hyperlinks to the British Metal Pension Scheme.

Birmingham-based Oakwood Monetary Administration LLP (FRN: 225473) was declared as failed on Wednesday, with 13 claims referring to pensions and mortgage recommendation.

Hampshire-based Finsbury Monetary Restricted (FRN: 503294) was declared as failed on Tuesday. The FSCS informed Monetary Planning At this time that it has obtained 4 claims towards the agency. It stated three have been rejected, however one referring to a collective funding scheme has been upheld, which has triggered the default declaration.

Kathryn Brown (FRN: 670840) and KBFS Monetary Ltd (FRN: 831504) have been each positioned underneath investigation on 9 April. KBFS Monetary had its authorisation revoked by the FCA because of enforcement motion on 9 February. No FSCS buyer claims have been upheld towards both agency as but. Each corporations have been related to claims associated to the British Metal Pension Scheme.

Final month the FSCS declared 5 corporations as failed, together with Manchester-based Pension Recommendation Specialists Ltd (FRN: 792927). It was the newest in a lot of corporations which have failed as a result of complaints involving pension switch recommendation, together with Sheffield-based Abbey Lane Monetary Associates Restricted (FRN 649170), which additionally failed in March and was linked to the BSPS scandal.