PensionsMar 13 2023

Cardiff advice firm enters default with 23 claims against it

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Cardiff advice firm enters default with 23 claims against it
ByAmy Austin

A Cardiff-based advice firm with 23 claims against it has failed with the Financial Services Compensation Scheme.

The London Trading Company Ltd, which also traded as Lontrad and TCM Wealth Management was declared in default by the lifeboat scheme last week (March 10).

According to the FSCS, it has received 23 claims against the firm, of which one has been upheld which enabled the FSCS to declare the firm failed.

The other 22 are still in progress and all claims are for unsuitable investment advice, mainly relating to Sipps.

The upheld claim is waiting for payment so the FSCS has not paid out any compensation yet.

According to the FCA’s register, The London Trading Company has been in liquidation since September 2015.

Also, since September 1 2015 the firm has had an FCA restriction on it, meaning it could control but could not hold client money.

Last month (February), the FSCS declared four firms in default, with a collective 267 claims against them.

The FSCS listed West Midlands-based RSS&L Ltd and Bromsgrove-based FP Consulting Ltd in default, both of which are facing claims linked to the British Steel Pension Scheme.

It also placed London-based Optimise Wealth Management Ltd and Northern Provident Investments Ltd in default.