Three firms have failed after a number of claims were upheld by the Financial Services Compensation Scheme.
Manchester-based Help Financial Limited, formerly trading as Sterling Wealth Ltd and A I Financial Management Limited, Maidstone-based Kings, and Yorkshire-based Hudson Foster Financial Services Limited were all declared in default last week (March 31).
Help Financial Limited had 21 claims against it for various types of financial advice, according to the FSCS.
Of these, one claim has been unsuccessful, one has been upheld and 19 are in progress.
Kings also has 21 claims against it, all for pensions advice, 17 of which have been unsuccessful, one upheld and three in progress.
Finally, Hudson Foster has four claims against it for various types of financial advice. Two of these have been unsuccessful, one has been upheld and one is in progress.
The company has also traded under the names Moneytree and The Equity Release Adviser.
None of the claims are related to the British Steel Pension Scheme issue.
The FSCS has declared 25 other firms in default since the start of the year.
These include DAC Pensions, which failed with nearly 500 claims against it, and Portal Financial Services, which had the highest uphold rate between July and December last year, according to Fos data.
In February, a financial planning firm failed a year after being ordered to pay an employed adviser £140,000 for unfair dismissal and unlawful deductions from wages.
Alexander Sloan Financial Planning failed 12 months after a judge ruled in favour of a former employee who accused the firm of unfair dismissal and unlawful deductions from wages.
sally.hickey@ft.com
