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...

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