PensionsApr 11 2023

Firm fails with 13 pension related claims

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Firm fails with 13 pension related claims
12 of the claims against the firm are currently in process.

Manchester-based SQ Wealth Ltd has been declared in default by the Financial Services Compensation Scheme.

The advice firm, which previously traded as Quays Wealth Management, has 13 pension related claims against it. 

The firm’s default was triggered by one of the claims being upheld. 

The other 12 claims are currently in progress.

None of the claims are related to the British Steel Pension Scheme, according to the FSCS.

So far this year, the FSCS has declared 29 firms in default.

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

Earlier this month, three firms were declared in default after a number of claims were upheld against each.