The Financial Services Compensation Scheme (FSCS) announced that Cardiff-based advice company David Craig failed on 25 September 2023.
The firm has not been authorised by the Financial Conduct Authority (FCA) since 2017, according to the FCA register.
The UK lifeboat scheme told International Adviser that there have been eight claims made against the company, all related to unsuitable pension advice.
Just one claim has been upheld so far.
The FSCS confirmed that there is no connection between David Craig and British Steel Pension Scheme (BSPS).