Financial Services Compensation Scheme  

FSCS declares Edinburgh IFA in default

FSCS declares Edinburgh IFA in default
 

The Financial Services Compensation Scheme has declared Integrity IFA in default as it believes the firm will be unable to meet claims made against it.

Integrity IFA, trading as Dewar and Partners, Scottish Landlords Insurance, Wood and Ker, is in compulsory liquidation and has been since February 1, 2022, according to the Financial Conduct Authority’s register.

The FSCS told FTAdviser it has received seven claims so far, all of which are now in progress.

All of the claims were for pension advice, but none of them were linked to the British Steel Pension Scheme.

The lifeboat fund said five claims were for advice about self-invested personal pensions, one for personal pensions and one related to a defined benefit pension transfer. 

According to the FCA register, the firm also received an asset and regulated activities restriction on November 4, 2021. 

Last month, the FSCS declared Philip Griffin & Associates in default after the firm was unable to meet pending claims itself.

At the time, the FSCS said it had received two claims against the firm so far and both claims were for pension advice, but neither claim nor the firm were linked to the British Steel Pension Scheme.

sonia.rach@ft.com 

What do you think about the issues raised by this story? Email us on FTAletters@ft.com to let us know