The Financial Services Compensation Scheme (FSCS) has declared three financial advice firms in default, all of which advised on British Steel transfers.
One of the three failed advice firms, West Wales Financial Services Ltd, trading as IWA Financial Solutions, and Mike Powell Mortgages, was ordered to cease advising on investments and pensions without prior consent from the Financial Conduct Authority (FCA) in May 2021. Another firm the FSCS declared in default that was associated with British Steel Pension Scheme (BSPS) transfers was A. W. Dallas Financial Services Ltd, trading as Portfolio Pension Consultancy. The third firm was Fortuna Wealth Management. In August 2019 the firm lost permissions after being accused by the FCA of pl...
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