The Financial Services Compensation Scheme has declared Birmingham-based Abbey Lane Financial Associates Limited in default.
According to Companies House the firm is in liquidation with a voluntary liquidator having been appointed in March 2023.
Although the firm is still authorised on the FCA register, it has had restrictions and requirements placed on the financial services activities it can operate including not being able to hold or control client money.
The firm is also in an insolvency process, according to the register.
The FSCS told FT Adviser it has received 44 claims relating to pension transfer advice.
One claim was rejected, 42 are in progress and one has been upheld, triggering the default.
The lifeboat scheme confirmed Abbey Lane was one of the firms associated with claims regarding British Steel Pension Scheme members.
This comes after three other firms failed with the FSCS yesterday (March 25) in relation to pension advice.
Manchester-based Aqua Financial Services Limited, Strategic Investment Solutions Limited and Northern Ireland-based Fresh Financial Solutions LLP were all declared in default.
alina.khan@ft.com
