FSCS declares British Steel and Elysian Fuels-linked adviser firm in default

17 claims against Channel One FP

Ayesha Venkataraman
clock • 3 min read

The Financial Services Compensation Scheme (FSCS) has declared two financial advice firms in default, one of which advised on British Steel transfers.

One of the two failed advice firms, Channel One Financial Planning LLP, trading as Channel One Financial Services, has been in liquidation since 7 January 2021. The FSCS told Professional Adviser it has received 17 claims against the firm, including some that involved advising British Steel workers to transfer out of their defined benefit pension. None of these claims have been paid out yet as they are still under investigation by the lifeboat fund. In August 2016, the Financial Ombudsman Service (FOS) upheld two claims against Channel One Financial Planning. The clients, Mr and Mrs M...

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 Your profession

Professional Adviser TV: Breaking down barriers for career movers and young talent

Professional Adviser TV: Breaking down barriers for career movers and young talent

‘Where do they go if there’s no opportunity for them’

Professional Adviser
clock 12 September 2025 • 1 min read
Feel Good Friday: IFA duo take on 240km charity cycle challenge

Feel Good Friday: IFA duo take on 240km charity cycle challenge

Andrew Home and Chris Miles raise funds for Eternal Flame

Professional Adviser
clock 12 September 2025 • 1 min read
My Care Hub expands to public following strong adviser support

My Care Hub expands to public following strong adviser support

Advice sector has played ‘pivotal role’ in successful rollout of care guidance platform

Jenna Brown
clock 10 September 2025 • 4 min read