Financial Services Compensation Scheme  

FSCS declares advice firm in default

FSCS declares advice firm in default

A firm with one claim against it has been declared in default by the Financial Services Compensation Scheme.

EQ Financial Planning Limited was placed into default last week (November 25) but the firm was unable to provide regulated activities and products as of February 25, 2016.

The FSCS told FTAdviser that there is a single valid claim in process against the firm and it is pension advice related.

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It confirmed the claim was not linked to the British Steel Pension Scheme. 

Last month, Hull-based Solutions Financial Services was placed into default.

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

Prior to that in the same month, The TJM Partnership Limited and Tudor Court Financial Planning (registered as Everyday Financial Advice Ltd were declared in default by the FSCS. 

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

The other failed company, Tudor Court Financial Planning, has its first claim in progress and is in relation to a pension transfer.

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