The Financial Services Compensation scheme has declared Birmingham-based Oakwood Financial Management LLP and Tunbridge Wells-based GO IFA Ltd in default.
According to the FCA Register Oakwood Financial Management has not been authorised since March 2017 with Companies House showing the firm was dissolved in October 2017.
The lifeboat scheme told FT Adviser it has received 13 claims against the firm relating to various products including pensions and mortgage advice.
There have been two claims upheld, two in progress and nine that were unsuccessful.
Elsewhere, GO IFA Ltd has not been authorised by the FCA since February 2020.
Companies House records show the firm is currently in liquidation with a voluntary liquidator appointed in May 2023.
The FSCS has received three claims against the firm with one upheld and two in progress in relation to pension transfer and Sipp advice.
The firm was previously called Stevton Limited and has also traded under the name GO IFAs.
This comes after the FSCS placed KBFS Financial Ltd and Kathryn Brown under investigation over British Steel Pension Scheme claims yesterday (April 9).
The investigation into KBFS Financial is being conducted in tandem to an investigation into Kathryn Brown, the name of KBFS’s director and the sole trader which incorporated KBFS five years ago.
The FSCS advised that, if customers received advice prior to July 1 2019, then the advice was likely given by the firm Kathryn Brown, rather than KBFS, and so claims should be set up against this firm.
Both KBFS Financial Limited and Kathryn Brown are associated with claims regarding the British Steel Pension Scheme and defined benefit transfer advice related to other occupational pension schemes.
alina.khan@ft.com
