FSCS declares Newport-based Thomas Financial in default

A ‘small IFA failure’ with two claims made against it

Sahar Nazir
clock • 1 min read

Newport-based Thomas Financial has been declared in default by the Financial Services Compensation Scheme (FSCS).

The advice firm is no longer trading, and claims can be made against it. The FSCS told Professional Adviser that Thomas Financial is considered a "small IFA failure" and has received two claims so far for advice. One has been rejected, one upheld (triggering the default). Neither of the claims are related to the British Steel Pension Scheme.

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