Pensions  

Two firms with pension related claims fail with FSCS

Two firms with pension related claims fail with FSCS
 

Two firms with pension related claims have been declared in default by the Financial Services Compensation Scheme.

The TJM Partnership Limited and Tudor Court Financial Planning (registered as Everyday Financial Advice Ltd) were declared to have failed today (October 10). 

TJM Partnership, formerly trading as T.J Market and Neovision Global Capital, has 10 claims in progress against it, most of which are personal pension related. 

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Incorporated in 2010, the firm went into liquidation earlier this year.

In July, the Financial Conduct Authority imposed a £2mn fine on it for inadequate systems and controls to identify and prevent fraudulent trading and money laundering.

Its multi-million pound fine was in relation to the trading it did on behalf of clients of the Solo Group between January 2014 and November 2015. 

The fine represents the largest fine on a firm involved in the cum-ex trading scandal. 

The other failed company, Tudor Court Financial Planning, has its first claim in progress and is in relation to a pension transfer. 

Tudor began trading in 2013 but was declared unauthorised by the FCA in 2019. 

jane.matthews@ft.com