Two extra adviser corporations have been declared as failed as we speak – growing the quantity listed as failed or underneath investigation by the Monetary Providers Compensation Scheme this week to seven.

The 2 corporations are PH7 Wealth Administration of Burnley, Lancs and WR Simon Ashley Silver Unbiased Monetary Advisor of Leeds.

There are 14 claims in opposition to WR Simon Ashley Silver Unbiased Monetary Advisor Ltd (FRN 209539) which utilized to cancel its authorisation in Might 2022 and is in liquidation. The claims in opposition to the agency are for funding and pensions recommendation.

The FSCS says there may be one declare, for SIPP recommendation, in opposition to PH7 Wealth Administration Ltd (FRN 842598), previously referred to as The Pension Place Ltd and which additionally traded as PH7 Mortgages and PH7 Insurance coverage Brokers. The agency ceased to be authorised after September 2022 and was dissolved as an organization in October 2023.

Neither of the corporations have BSPS claims. Each are newly declared failed corporations so each have just one upheld declare to this point, the FSCS mentioned.

Claimants can search as much as £85,000 per declare in opposition to failed corporations.

Two days in the past Redditch-based Go IFA Ltd turned the fifth recommendation agency this week to be declared as failed or underneath investigation by the FSCS. The FSCS has acquired three claims in opposition to the agency to this point for pension switch and SIPP funding recommendation. Not one of the claims have hyperlinks to the British Metal Pension Scheme.

Birmingham-based Oakwood Monetary Administration LLP (FRN: 225473) was declared as failed on Wednesday, with 13 claims regarding pensions and mortgage recommendation.

Hampshire-based Finsbury Monetary Restricted (FRN: 503294) was declared as failed on Tuesday. The FSCS informed Monetary Planning Right now that it has acquired 4 claims in opposition to the agency. It mentioned three have been rejected, however one regarding a collective funding scheme has been upheld, which has triggered the default declaration.

Kathryn Brown (FRN: 670840) and KBFS Monetary Ltd (FRN: 831504) have been each positioned underneath investigation on 9 April. KBFS Monetary had its authorisation revoked by the FCA on account of enforcement motion on 9 February. No FSCS buyer claims have been upheld in opposition to both agency as but. Each corporations have been related to claims associated to the British Metal Pension Scheme.

Final month the FSCS declared 5 corporations as failed, together with Manchester-based Pension Recommendation Specialists Ltd (FRN: 792927). It was the newest in quite a few corporations which have failed as a consequence of complaints involving pension switch recommendation, together with Sheffield-based Abbey Lane Monetary Associates Restricted (FRN 649170), which additionally failed in March and was linked to the BSPS scandal.