The Financial Services Compensation Scheme (FSCS) declared Midlands-based Newell Palmer Group Ltd in default on 24 March 2023.
This comes over a year after the company was dissolved on 4 January 2022, according to Companies House.
The Financial Conduct Authority (FCA) register says the IFA firm, which also traded as Newell Palmer Partnerships Ltd, was authorised from 2003 until 2020.
The FSCS told International Adviser it has received one claim against Newell Palmer, which was upheld. The claim was around pension advice – but was not linked to the British Steel Pension Scheme (BSPS).
Newell Palmer was acquired by Ascot Lloyd in December 2018 – in what was labelled as a “major” acquisition for the advice consolidator.
This is the second advice firm acquired by Ascot Lloyd to be declared in default in as many months. IA reported in February that Glasgow-based financial planning company Corporate Benefits Consulting had failed.
A spokesperson for Ascot Lloyd said: “As per Ascot Lloyd’s standard approach to acquisitions, when Ascot Lloyd acquired the shares of Newell Palmer Group Ltd, the business was duly deauthorised to bring the trade and assets under the trading name of Ascot Lloyd. The dormant, legal entities were subsequently liquidated and struck off Companies House.”
Failed firms
Since the start of the year, 24 firms have failed – with two companies under investigation with the FSCS.
The most recent firm declared in default was Staffordshire-based Osborn Wealth Management on 22 March.
