The Financial Services Compensation Scheme announced the firm, which previously traded as Square Mile Financial Services, had failed yesterday (February 14).
The lifeboat scheme said it is now accepting customers’ claims against the firm involving advice in connection with pension transfers into and from the Forthplus Sipp and the Optimus Retirement Benefit Scheme.
A spokesperson for the FSCS told FTAdviser that of the 222 claims against the firm, 12 have been unsuccessful, 209 are in progress, and one has been upheld - triggering the default declaration yesterday.
In addition to the advice relating to Forthplus and Optimus Retirement Benefit Scheme, the FSCS is also accepting claims related to advice Planet Pensions gave to customers to transfer into and from several other pension schemes.
However, it said customers with claims relating to firms other than Forthplus and Optimus Retirement may need to first exhaust any right to claim against connected firms that are still trading and who may be responsible for some, or all, of the customers’ losses.
The FSCS will correspond with affected customers and their representatives on this issue.
Claims already submitted to the FSCS in relation to Forthplus that could have been made in respect of Planet Pensions do not need to be resubmitted or amended.
The FSCS said an update will be given on the investigation in due course.
Planet Pensions, which was a European Economic Area (EEA) authorised firm based in the Czech Republic, went into liquidation in July 2020.
Prior to the UK’s withdrawal from the European Union, EEA authorised firms were able to offer certain products or services in the UK.
Customers have alleged that Planet Pensions gave them unsuitable advice in connection with pension transfers into and from several pension schemes, including the now defunct Forthplus Sipp and the Optimus Retirement Benefit Scheme, a Qrops based in Malta.
In January last year, the FSCS encouraged clients of Forthplus Pensions to bring claims against their financial advisers, which included Planet Pensions.
Forthplus Pensions appointed administrators in October 2021 after it was unable to renew its professional indemnity insurance (PII).