Financial Services Compensation Scheme  

Three firms fail with FSCS over pensions and investment advice

Three firms fail with FSCS over pensions and investment advice

The Financial Services Compensation Scheme has declared three firms in default, with a total of 10 claims between them.  

Midhurst Asset Management Limited and Nurture Financial Planning Limited were declared to have failed by the FSCS on Monday (January 9), while Cadogan Asset Management Limited was put into default yesterday (January 10).

Midhurst Asset Management Ltd, formerly Legistshelfco No 122 Ltd, has a single valid claim in progress which is investment advice related.

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Meanwhile, Nurture Financial Planning Ltd trading as Premier IFA Ltd, has three claims in progress which are related to pension transfer advice.

The FSCS confirmed the claims were not linked to the British Steel Pension Scheme. 

Elsewhere Cadogan Asset Management Limited has a total of six claims, three that are in progress, three that were unsuccessful.

These claims are all investment advice related.

The FSCS has seen a raft of firms fall into default in recent months.

Last month, the FSCS declared two firms in default facing a collective 22 claims over investment advice.

At the time, it said FSC Investment Services Limited, formerly Ashwood Wealth Management Limited, was facing six claims while other firm, Craig Mitchell Personal and Corporate Financial Planning, was facing 16 claims.

In the same month, it declared Premier Wealth Management Harrogate Ltd in default following two claims filed against it over pension transfer advice.

In November, EQ Financial Planning Limited was placed into default and a month prior to that, Hull-based Solutions Financial Services suffered the same fate.

Solutions Financial Services had two claims against it which related to investment and self-invested personal pension products. 

In the same month, The TJM Partnership Limited and Tudor Court Financial Planning (registered as Everyday Financial Advice Ltd failed with the FSCS. 

TJM Partnership, formerly trading as T.J Market and Neovision Global Capital, had 10 claims in progress against it, most of which are personal pension related. 

The other failed company, Tudor Court Financial Planning, had its first claim in progress which was in relation to a pension transfer.

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