The Financial Services Compensation Scheme (FSCS) has declared a pension advice firm and a financial advisory business in default.
Premier Wealth Management Harrogate specialised on pension advice and failed on 13 December 2022. It was acquired by AFH Financial Group in November 2018 for £4.5m ($5.5m, €5.2m).
The company stopped being authorised by the Financial Conduct Authority in October 2019 and was dissolved via “voluntary strike-off” in March 2021, according to Companies House.
A+ Financial Services was a financial advice firm, which used to trade as Aplus Independent Financial Advice; Grosvenor Trust & Savings; and Aplus.
The FSCS told International Adviser it has so far received two claims against Premier WMH for pension transfer advice, and 10 claims against A+ all for investment advice.
Neither firm is related to the British Steel Pension Scheme (BSPS) scandal, the lifeboat scheme added.
IA also reached out to AFH Financial Group for comment, but the company did not reply in time for publication.