Two extra adviser companies have been declared as failed at this time – growing the quantity listed as failed or underneath investigation by the Monetary Companies Compensation Scheme this week to seven.
The 2 companies 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’s one declare, for SIPP recommendation, towards PH7 Wealth Administration Ltd (FRN 842598), previously generally known as 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 companies have BSPS claims. Each are newly declared failed companies so each have just one upheld declare to this point, the FSCS mentioned.
Claimants can search as much as £85,000 per declare towards failed companies.
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 acquired three claims towards the agency to this point 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 advised Monetary Planning Right this moment that it has acquired 4 claims towards the agency. It mentioned three have been rejected, however one referring to a collective funding scheme has been upheld, which has triggered the default declaration.
Final month the FSCS declared 5 companies as failed, together with Manchester-based Pension Recommendation Specialists Ltd (FRN: 792927). It was the most recent in various companies which have failed on account 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.