The Financial Services Compensation Scheme (FSCS) announced Wales-based advice firm Financial Planning Practice Limited has failed.
The company offered a range of financial advice services and entered compulsory liquidation in October 2022, according to the FSCS.
The Financial Conduct Authority (FCA) register said that the firm has not been authorised since 23 June 2023 and was regulated by the watchdog for over 20 years.
The FSCS confirmed to International Adviser that it has received five claims against the company related to pension transfers and self-invested personal pensions (Sipps).
Some of the claims are also related to British Steel Pension Scheme (BSPS).
This comes days after the UK lifeboat scheme announced that Birmingham-based Arrow Financial Services UK Limited was declared in default.