Basingstoke-based financial advice firm, Finsbury Financial Ltd trading as Finsbury, has failed with the Financial Services Compensation Scheme.
The FSCS told FT Adviser it had received four claims against the firm, all which related to investment advice.
While three of these claims were rejected, one was upheld which triggered the default declaration.
Since June 13 2017, the firm has not been authorised by the FCA meaning it could no longer provide regulated activities and products.
Yesterday (April 9), FT Adviser reported the FSCS has placed two firm under investigation over British Steel Pension scheme claims.
The firms in question, KBFS Financial Ltd and Kathryn Brown, have had no claims upheld against them yet.
The FCA set up a redress scheme for people who were advised to transfer out of the British Steel Pension Scheme between May 26, 2016 and March 29, 2018.
This redress scheme started on February 28, 2023 and firms should have contacted their impacted clients about the BSPS.
As both KBFS Financial Limited and Kathryn Brown have gone out of business, neither will be able to take part in the redress scheme and, instead, claimants can now make a claim directly with the FSCS.
tom.dunstan@ft.com
