Financial Services Compensation Scheme  

FSCS declares advice firm in default

FSCS declares advice firm in default

The Financial Services Compensation Scheme has declared Philip Griffin & Associates in default after the firm was unable to meet any claims itself.

The FSCS told FTAdviser it had received two claims against the firm so far.

The lifeboat scheme said both claims were for pension advice, but neither claim nor the firm is linked to the British Steel Pensions Scheme.

Philip Griffin & Associates ceased to be authorised by the regulator on February 15, 2013 so both claims are for advice given before that date.

The FSCS told FTAdviser the firm was declared in default on March 16, 2022, as at this point FSCS was satisfied there was at least one valid claim, and the firm was not able to meet any claims itself.

Earlier this month, the FSCS declared two advice firms in default, one of which was facing 41 claims and previously advised on British Steel pension transfers.

At the time, the FSCS said all 41 claims levied by former clients of John Dyer, which the FSCS said advised on BSPS pension transfers, were in progress.

The other advice firm, SDSC Ltd - formerly SJL Wealth Management - had attracted a lesser two claims. Both relate to pension transfers but neither were linked to BSPS, according to the FSCS.

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