Regulation  

FSCS declares Swansea advice firm in default

FSCS declares Swansea advice firm in default

The Financial Services Compensation Scheme has declared a Swansea advice firm in default. 

Foresight Financial Services Ltd, trading as Foresight, was recorded as dissolved yesterday (January 13).

The FSCS has now received three claims in total against the firm for unsuitable financial advice. Of those claims, at least one is a valid claim.

Despite Foresight being based in south Wales, the FSCS said there was no evidence of a link to the British Steel Pension Scheme and it said Foresight began liquidation in 2015, so claims against it related to advice given before that date.

The British Steel Pension Scheme scandal did not erupt until 2017.

Last week, the FSCS declared Nottingham-based advice firm Hamilton Rose Wealth Management Ltd in default, one month after it was struck off the Companies House register.

sonia.rach@ft.com

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