Since the start of 2023, 15 advice firms have failed – with one company under investigation from the FSCS.
The most recent firms declared in default were Planet Pensions and Alexander Sloan Financial Planning.
Corporate Benefits Consulting
Glasgow-based Corporate Benefits Consulting was a financial planning firm which specialised in providing pension and retirement planning advice to individuals and companies.
The FSCS said it has received one claim against Corporate Benefits Consulting Limited for pension transfer advice, but this claim is not British Steel Pension Scheme (BSPS)-related.
According to the Financial Conduct Authority (FCA), the advice firm has been regulated with the watchdog since 2010 and entered liquidation in April 2022.
The UK regulator said: “This firm has gone into liquidation. It has stopped taking on new business but has to continue to meet our standards in dealing with its customers.”
In 2020, UK-based Ascot Lloyd bought Corporate Benefits Consulting for an undisclosed sum.
A spokesperson for Ascot Lloyd told IA: “Ascot Lloyd bought the assets of Corporate Benefits Consulting over three years ago, though has not been responsible for the management of the legal entity in question. All Ascot Lloyd customers – including those originally from Corporate Benefit Consulting – continue to receive excellent financial advice from our professional financial advisers.”
The UK lifeboat scheme said Stockport-based WGL Altrincham had several trading names including Whitehead Group Limited and Whitehead & Partners Limited.
According to the FCA, the firm has been in liquidation since 18 February 2022 and was authorised for regulated activities until January 2014.
The FCA register also showed Priestley & Partners was an active trading name of the firm. The FCA also said that the firm was based in Leeds – but this is where the official receiver to liquidate the firm was based.
The FSCS told International Adviser that it has received six claims in total against this firm, one has been successful. All claims are for pension or investment-related advice, the successful claim was for pension transfer advice.
Bailey Richards Wealth Management
In other news, Bailey Richards Wealth Management Limited was an advice firm based in Gateshead.
FSCS told IA it has received nine claims against Bailey Richards Wealth Management Limited for pension transfer advice.
One of the claims has been upheld, which has triggering the default declaration. The firm has links to the BSPS.
According to the FCA, the wealth manager has been in liquidation since 25 April 2022 and was authorised for regulated activities until January 2020.