British Steel Feb 27 2023

FSCS declares four firms in default

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FSCS declares four firms in default

The Financial Services Compensation Scheme has declared four firms in default, with a collective 267 claims against them.

Last week (February 24), the FSCS listed West Midlands-based RSS&L Ltd and Bromsgrove-based FP Consulting Ltd in default, both of which are facing claims linked to the British Steel Pension Scheme.

It also placed London-based Optimise Wealth Management Ltd and Northern Provident Investments Ltd in default.

FP Consulting Ltd - trading as The Salmon Partnership, RMS Wealth Management, Honeypot Financial Services, Chilworth Financial Management - has 40 claims against it, mainly for defined benefit transfers.

The FSCS said this includes BSPS claims.

Of the claims, 38 are in progress, one has been upheld and one rejected.

RSS&L Ltd has two claims for DB pension transfers of which one is in progress and one upheld. This also includes BSPS claims.

In addition, Northern Provident Investments Ltd - formerly Money Labs Ltd and ISA Lab - has 194 claims relating to various investments, with one upheld.

Optimise Wealth Management has 31 claims mainly for DB pension transfers, however the FSCS confirmed this does not include BSPS claims.

Of these claims, 24 are in progress, one has been upheld and six rejected.

The FSCS said the ‘in progress’ claims will now be worked through by the claims teams and will become upheld or rejected over the next few weeks and months.

Last week, the FCA issued supervisory notices to two firms which made unsolicited offers to former BSPS members who are likely to be part of the redress scheme.

The regulator said it formally notified Abbey Lane Financial Associates Limited and Estate Capital Financial Management Limited  to stop making these offers.

This follows on from earlier this month, when the regulator said it had identified 15 firms who are engaged in the misconduct - most of which it said are associated with the British Steel Action Group (BSAG).

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