British Steel firm Portal Financial declared failed by the FSCS

FOS has upheld 184 investment and pensions claims against the firm

Ayesha Venkataraman
clock • 2 min read

The Financial Services Compensation Scheme (FSCS) has declared Portal Financial Services as failed.

The firm, previously trading as Portafina and Portal Financial, applied to cancel its authorisation by the Financial Conduct Authority (FCA) on 18 June 2021. On 18 January 2023, Portal entered compulsory liquidation.  The firm's co-directors Timothy David Moore, Andrew Richard Moore, Paul Stephen Wheal, Shaun Christopher Murphy, and Andrew Jamie Smith-Thompson, who also holds compliance oversight and money laundering reporting roles, according to the FCA register. The firm previously had four appointed representatives including Berkeley Smythe and Partners (8 Nov 2010 to 5 July 201...

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 Regulation

FCA blocks thousands of misleading ads in 2022, up 14x from 2021

FCA blocks thousands of misleading ads in 2022, up 14x from 2021

‘Financial promotions must be fair, clear and not misleading’

Ayesha Venkataraman
clock 03 February 2023 • 3 min read
FCA places numerous restrictions on Nexus IFA and Nexus IM

FCA places numerous restrictions on Nexus IFA and Nexus IM

The firms’ director may have taken around £2m from clients

Ayesha Venkataraman
clock 02 February 2023 • 2 min read
FCA extends emergency BSPS asset retention rules

FCA extends emergency BSPS asset retention rules

FCA said intervention will ensure responsible firms meet cost of redress

Ayesha Venkataraman
clock 27 January 2023 • 3 min read