The Financial Services Compensation Scheme has declared firm MacInnes and Bottomley in default.
According to the lifeboat scheme, it has received two claims against the firm, with one upheld and another unsuccessful in relation to pension transfer advice.
In the past, the firm had been on the Financial Intermediaries, Managers and Brokers Regulatory Association and the Personal Investment Authority until 1998.
When searching for the firm on the FCA register, it could not be found, the FSCS confirmed there was no record of the firm on the register and no evidence of the FCA or FSA regulating the firm.
This comes after the FSCS declared Cardiff-based Mackie Wealth Management Ltd in default last month (June 21).
The lifeboat scheme told FT Adviser it had received two claims against the firm relating to investment advice with one upheld.
alina.khan@ft.com
