The Financial Services Compensation Scheme has declared Manchester-based firm Pension Advice Specialists Ltd in default.
According to Companies House the firm has been in administration since May 2023.
Although the firm is still authorised on the FCA Register it is now in an insolvency process and is only authorised for certain activities and products.
The FSCS told FT Adviser it has received 14 claims in relation to pension transfer advice.
Currently one claim has been upheld with the lifeboat scheme confirming the claims were not British Steel related.
The firm has also traded under the name Ashworth Wealth.
This is the fifth firm to be declared in default by the FSCS this week.
On Monday (March 25) the lifeboat scheme declared Manchester-based Aqua Financial Services Limited, Strategic Investment Solutions Limited and Northern Ireland-based Fresh Financial Solutions LLP in default in relation to pension advice.
Followed by Birmingham-based Abbey Lane Financial Associates Limited over British Steel related claims.
Last month (February 21) the FSCS had changes to its appeals process come into force.
These changes included the introduction of a time limit of three months that is applied at each stage of the two-stage appeal process.
Meaning 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 that all relevant evidence and grounds for the claim must be included in the original claim submission as the FSCS no longer considers new or amended bases of claims at the appeal stage.
alina.khan@ft.com
