FSCS declares British Steel adviser firm in default

17 claims

Ayesha Venkataraman
clock • 3 min read

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...

To continue reading this article...

Join Professional Adviser

  • 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 Your profession

PA Working Lunches: Last chance to reserve a spot with Baillie Gifford!

PA Working Lunches: Last chance to reserve a spot with Baillie Gifford!

Advisers invited to join an informative lunch session worth one hour of CPD

Professional Adviser
clock 05 December 2022 • 1 min read
Perspective acquires East Sussex-based advice firm

Perspective acquires East Sussex-based advice firm

Deal is the 11th acquisition of the year for the national advice firm

Ayesha Venkataraman
clock 05 December 2022 • 2 min read
Sivajoti: "It's been a long term goal of ours."

NextGen Planners valued at £5m as it opens crowdfunding

Comes after initial target of £150,000 was quickly exceeded

Hope William-Smith
clock 01 December 2022 • 1 min read