The Financial Services Compensation Scheme (FSCS) announced that Wales-based Thomas Financial Limited has failed.
The financial advice firm has not been authorised by the Financial Conduct Authority (FCA) since December 2012.
According to Companies House, the company was dissolved in January 2014.
The FSCS told International Adviser that it has received two claims in total about Thomas Financial Ltd.
One of the claims has been rejected and the other upheld, neither of the claims were related to the British Steel Pension Scheme (BSPS).
In other news, the FSCS has confirmed four firms were declared in default between April and May 2023.
This means they have gone out of business and the FSCS believes they are unable to meet any claims themselves. If a regulated financial firm is no longer trading and can’t pay a customer’s claim, FSCS can step in to pay compensation.
Sarah Marin, FSCS’ chief customer officer said: “We’re proud to be able to help people, families and businesses get back on track when financial companies fail. Our customers come from all walks of life and are often vulnerable. In 2022/2023, our team of claims handlers have helped 67,908 customers get the compensation they are due. We know that losing money can be a stressful experience and we’ll do all we can to make the compensation process simple and straightforward for our customers.”
The failed firms include:
- SQ Wealth Limited, formerly Quays Wealth Management Limited – based in Manchester
- Old Park Capital Limited – based in London
- Wellington Court Financial Services Limited – based in Honiton
- Pacific IFA Limited – based in Rayleigh