The Financial Services Compensation Scheme has declared Swindon-based advice firm A.P. Financial Services UK Ltd in default.
According to the FCA Register the firm has not been authorised since May 2021, with Companies House showing it was dissolved via compulsory strike-off in August 2023.
The FSCS told FT Adviser it has received one claim against the firm relating to pension transfer advice which was upheld but confirmed it was not British Steel related.
The firm is currently trading under four other names including AP Financial Planning Service, Stuart James Clark Financial Services, GW Financial Planning Services and Pella Associates.
It has also previously traded under nine different names, according to the FCA register.
This comes after Howarth Legal managing director, Mandy Howarth said changes to the FSCS's appeals policy could “create an inequality in the distribution of compensation”.
Changes to the lifeboat scheme’s appeals process came into effect February 21.
These changes included the introduction of a time limit of three months that would apply at each stage of the two-stage appeal process.
This means that any appeal submitted after the three-month time limit will not be considered unless there are exceptional circumstances that prevented applicants from submitting the appeal.
The other change was all relevant evidence and grounds for the claim must be included in the original claim submission as the FSCS will no longer consider new or amended bases of claims at the appeal stage.
In a letter to the FSCS, Howarth argued the proposed changes would be detrimental and said they would apply an inappropriate application of civil litigation conditions to the compensation scheme process.
alina.khan@ft.com
