Two financial advice firms have been declared in default in June by the Financial Services Compensation Scheme (FSCS).
The lifeboat fund declared both Scotland-based Fergus Burns, formerly The Financial Planning Partnership, and Professional Financial Advisers of Cheltenham Ltd in default alongside six other financial services firms last month. A declaration of default means the FSCS is satisfied a firm is unable to pay claims for compensation made against it. Clients of that firm are then able to make a claim for compensation. Pension advice claims push FSCS 2017/18 compensation up to £405m In May, Professional Adviser revealed the Financial Ombudsman Service had ordered Fergus Burns to compensate...
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