Five financial advice firms were declared in default by the financial services lifeboat fund in November and December of last year.
The Financial Services Compensation Schemes (FSCS) declared a total 15 firms in default in the last two months of 2017, including mortgage brokers, financial advisers and other types of companies. The five advice firms listed include Wales-based Cumulus Investment Management and Park Grove Financial Management, Northern Ireland-based M & P Financial Planning, and Kent-based Aspen Financial Planning. Two weeks ago the lifeboat fund demanded an extra £24m from life and pension intermediaries and providers as a result of rising self-invested personal pension (SIPP) claims. Last April,...
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