A pension advice firm linked to Forthplus Pensions has failed, the Financial Services Compensation Scheme (FSCS) said.
Planet Pensions, which used to trade as Square Mile International Financial, was a Czech Republic-based company which provided financial advice on pension transfers into and from the Forthplus Sipp.
Planet held EEA permissions which allowed it to passport its services into the UK.
In March 2020, the company was fined by the Czech National Bank for the sum of CZK 1,000 (£37, $45, €42) over regulatory breaches, legal documents seen by International Adviser and translated from Czech show.
Then, Planet Pensions went into liquidation in January 2021, which sparked an investigation by the FSCS.
The lifeboat scheme found that the company provided pension transfer advice into and from the Optimus Retirement Benefit Scheme, a Malta-based Qrops, among others. It concluded its investigation in November 2022.
On 14 February 2023, Planet Pensions was declared in default and all claims submitted to the FSCS were being assessed.
The FSCS told IA that, as of 14 February, it had received 222 claims, all related to pension and investment advice. So far, one was upheld, 12 were deemed unsuccessful and the remaining 209 are currently in progress.
More defaults
On 15 February 2023, the FSCS declared Glasgow-based Alexander Sloan Financial Planning.
The FCA Register shows that the business stopped being authorised from 16 February 2021, and Companies House filings indicate it received a court order to wind up on 28 June 2022.
The FSCS said it currently has one valid claim against Alexander Sloan for pension transfer advice, which is not related to the British Steel Pension Scheme (BSPS).
