FSCS to accept claims against liquidated Czech Republic-based advice firm

Planet Pensions linked with unsuitable advice

Julia Bahr
clock • 3 min read

The Financial Services Compensation Scheme (FSCS) is accepting customers' claims against Planet Pensions involving advice in connection with pension transfers into and from The Forthplus SIPP and The Optimus Retirement Benefit Scheme.

In a comment given to PA, the FSCS said Planet Pensions S.R.O. was a European firm acting in the UK under the FCA's passporting arrangements pre-Brexit. "At the moment we're still investigating the activities of the firm to understand if we're able to pay compensation under our rules," it added. Czech Republic-based Planet Pensions, formerly known as Square Mile Financial, provided some customers with unsuitable advice, advising them to transfer their pensions into the Forthplus SIPP. The firm went into liquidation in January 2021. Transferring your pension into a self-invested per...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

FCA must still fix investing culture, says LSE CEO

FCA must still fix investing culture, says LSE CEO

‘We’ve protected people from the downside but we haven’t exposed the upside’

Sophia Panayi
clock 20 May 2026 • 1 min read
FCA increases support for fast-growing small firms

FCA increases support for fast-growing small firms

Scale-up Unit now available to solo-regulated businesses

Jenna Brown
clock 20 May 2026 • 1 min read
Failed financial advice firms tracker

Failed financial advice firms tracker

Firms that the FSCS has confirmed as failed since the start of 2023

Professional Adviser
clock 15 May 2026 • 1 min read