The Financial Services Compensation Scheme (FSCS) announced that Lancashire-based advice business MacFarlaine & Brooks IFA Limited has failed.
The financial advice firm has not been authorised by the Financial Conduct Authority (FCA) since December 2020.
According to Companies House, the company was dissolved in January 2023.
The FSCS told International Adviser that it has received eight claims in total about MacFarlaine & Brooks IFA Ltd.
Two of the claims have been rejected and one upheld, with the other five still in progress. The claims were surrounding unsuitable advice relating to pensions and investments.
This comes several weeks after the UK lifeboat scheme announced that Wales-based advice company Thomas Financial Limited had failed.