The Financial Services Compensation Scheme (FSCS) has stopped accepting claims against failed advisory firm IFG Financial Services, less than a week after it declared it in default.
At the time, the FSCS told International Adviser it had received five claims against the firm, four related to pension transfer advice and one about a mortgage endowment, with only one pension-related claim deemed valid, and none related to the British Steel Pension Scheme.
The UK lifeboat scheme said on 8 November 2022 that, since its announcement, it has become aware that “liability for any claims against IFG may sit with another firm that is still in business”.
The FSCS has not revealed the name of the company, but added that it is currently in talks with the business to “establish where customers should direct their IFG claims”.
As a result, the lifeboat scheme has withdrawn its declaration of default for IFG and amended its records accordingly.
This also means that it will no longer be able to consider claims against the advice business, which was dissolved in December 2019,
IA reached out to the FSCS, but it did not provide any further comment.