Alexander Sloan FP fails following employment case pay out

Financial Services Compensation Scheme details the £140,000 pay out

clock • 2 min read

Scottish financial advice company, Alexander Sloan Financial Planning, failed yesterday (15 February), a year after an employment tribunal ordered it to pay a former adviser almost £140,000 for unfair dismissal and unlawful deduction of wages.

There is one valid claim against the firm relating to pension transfer advice, but not connected with the British Steel Pension Scheme, according to the Financial Services Compensation Scheme.  Trouble began for the firm around July 2018 when representatives from the Financial Conduct Authority (FCA) paid a supervisory visit, according to an Employment Tribunal judgement dated February 2022. As a result of that visit the FCA asked the firm to temporarily relinquish its authorisation. Its inability to do business meant it had no income and with only a small cash reserve in the bank it ...

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