The Financial Services Compensation Scheme (FSCS) has declared three financial advice firms in default, one of which advised on British Steel transfers.
One of the three failed advice firms, Argent Wealth Limited, trading as a number of other names - Lifestyle Wealth Management, Orchard Financial Planners, Carlton Smith Private Wealth, and Morley James Asset Management - was ordered to cease advising on conversion or transfer of pension benefits and retain its assets by the Financial Conduct Authority (FCA) from 13 October 2020. The firm has been in liquidation since 16 July 2021. The FSCS told Professional Adviser it has received 17 claims from former customers of Argent Wealth, all of which related to pension transfer advice, includ...
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