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Two extra adviser companies have been declared as failed at this time – rising the quantity listed as failed or underneath investigation by the Monetary Companies Compensation Scheme this week to seven.
The 2 companies are PH7 Wealth Administration of Burnley, Lancs and WR Simon Ashley Silver Impartial Monetary Advisor of Leeds.
There are 14 claims towards WR Simon Ashley Silver Impartial Monetary Advisor Ltd (FRN 209539) which utilized to cancel its authorisation in Might 2022 and is in liquidation. The claims towards the agency are for funding and pensions recommendation.
The FSCS says there’s one declare, for SIPP recommendation, towards PH7 Wealth Administration Ltd (FRN 842598), previously often called The Pension Place Ltd and which additionally traded as PH7 Mortgages and PH7 Insurance coverage Brokers. The agency ceased to be authorised after September 2022 and was dissolved as an organization in October 2023.
Neither of the companies have BSPS claims. Each are newly declared failed companies so each have just one upheld declare thus far, the FSCS mentioned.
Claimants can search as much as £85,000 per declare towards failed companies.
Two days in the past Redditch-based Go IFA Ltd turned the fifth recommendation agency this week to be declared as failed or underneath investigation by the FSCS. The FSCS has obtained three claims towards the agency thus far for pension switch and SIPP funding recommendation. Not one of the claims have hyperlinks to the British Metal Pension Scheme.
Birmingham-based Oakwood Monetary Administration LLP (FRN: 225473) was declared as failed on Wednesday, with 13 claims regarding pensions and mortgage recommendation.
Hampshire-based Finsbury Monetary Restricted (FRN: 503294) was declared as failed on Tuesday. The FSCS advised Monetary Planning At the moment that it has obtained 4 claims towards the agency. It mentioned three have been rejected, however one regarding a collective funding scheme has been upheld, which has triggered the default declaration.
Final month the FSCS declared 5 companies as failed, together with Manchester-based Pension Recommendation Specialists Ltd (FRN: 792927). It was the most recent in quite a lot of companies which have failed attributable to complaints involving pension switch recommendation, together with Sheffield-based Abbey Lane Monetary Associates Restricted (FRN 649170), which additionally failed in March and was linked to the BSPS scandal.
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