The Financial Services Compensation Scheme (FSCS) declared three additional advice businesses failed on 17 January 2023.
The companies in question are:
- Vintage Investment Services – trading as Vintage, Vintage Protect, and Vintage Mortgages;
- Broadgate Financial Management; and
- Braemar Wealth Management (NW).
Vintage was based in Stockton-on-Tees and provided financial advice on several areas including insurance, pensions, investments and mortgages. The firm was authorised by the Financial Conduct Authority in December 2001, and then applied to have its status changed in December 2018, according to the FCA Register. There is no information about the firm on Companies House, however.
Broadgate FM was based in Billingham. It was authorised by the FCA, but its status changed in September 2021. Companies House filings show that the company applied for voluntary strike-off in April 2022, which was then suspended in July 2022, and was finally dissolved via the same method on 3 January 2023.
The FSCS added that Vintage and Broadgate were involved in the British Steel pension Scheme (BSPS) scandal and provided pension transfer advice to BSPS members.
Last, Cheshire-based Braemar provided wealth management services and had not been authorised by the FCA since May 2022. Companies House documents show it was first incorporated in January 2005 and was dissolved in April 2022 via voluntary strike-off.
The FSCS told International Adviser it has received a total of 83 claims against the trio of companies, all related to pension transfer advice.
More specifically, 65 against Vintage; 16 against Broadgate and two against Braemar. Some of the claims against Vintage and Broadgate are related to BSPS.