FSCS declares IFA firm Blackstar Wealth Management in default
146 FSCS claims
The Financial Services Compensation Scheme (FSCS) has declared Blackstar Wealth Management in default.
According to an update on the FSCS website, the Sutton Coldfield-based company entered administration on 13 August last year and was declared in default on Tuesday (14 January).
A note on the advice firm's website also confirmed it was "currently no longer trading".
The lifeboat fund told Professional Adviser it had received 146 claims against Blackstar Wealth and has been investigating into the firm since 16 September 2019 when it received its first claim.
The Financial Ombudsman Service (FOS) unveiled several claims made against the firm last year. At the time of writing, there were 22 complaints upheld against the firm on the FOS website, from 1 January 2019 to 14 January 2020.
The majority of the complaints involved advice around self-invested personal pension (SIPP) investments into unregulated and high-risk schemes.
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