British Steel  

Three advice firms fail with 83 claims in total

Three advice firms fail with 83 claims in total
(Pexels/Martin Pechy)

The Financial Services Compensation Scheme has declared three advice firms in default with a collective 83 claims against them.

Vintage Investment Services is facing the bulk of the claims, with 65 against it relating to pension transfer advice.

Some of these claims have been made by British Steel Pension Scheme (BSPS) members.

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According to the FSCS, Vintage Investment Services entered into a partnership voluntary arrangement (PVA) in July last year to try and pay back some of its debts.

Durham-based Broadgate Financial Management is facing a lesser 16 claims, which are also over pension transfer advice with some claims filed by BSPS members.

Broadgate Financial Management dissolved earlier this month, after its strike off on Companies House was delayed in July. In May 2021, members’ interests sat at a negative £11mn.

Cheshire-based Braemar Wealth Management faces the least claims, with just two relating to pension transfer advice - none of which relate to BSPS.

Braemar Wealth Management was struck off in April last year and the previous year, it had posted a profit of around £70,000.

The latest defaults take the total failed firms to four so far this week.

Yesterday (January 17), Better Retirement Group was also declared in default.

The advice firm entered liquidation back in September and now has 217 claims against it in total, with 199 in progress.

The claims all relate to pension transfer advice, and some are linked to BSPS.