Swansea-based adviser firm S&M Hughes, which trades as Crescent Financial, has applied to enter liquidation proceedings, according to Professional Adviser sources.
PA understands the confirmatory meeting to appoint an insolvency practitioner is set to take place on 4 September. Crescent Financial ceased carrying out all regulated activities on 31 May 2019. PA understands the firm had advised members of the British Steel Pension Scheme in relation to defined benefit (DB) transfers. Portfolio Financial Consultancy, another Swansea-based firm, then bought the client bank of the embattled financial advice business. Professional Adviser has contacted Portfolio Financial Consultancy for comment. Defining Broken Transfers: How British Steel brought...
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