FSCS declares Newport-based British Steel firm in default

Welsh firm Prism Independent Financial Advisers is no longer trading

Sahar Nazir
clock • 1 min read

The Financial Services Compensation Scheme (FSCS) has declared Prism Independent Financial Advisers (PIFA) as failed.

The Newport-based financial advice firm is associated with the British Steel Pension Scheme scandal. The firm was placed into solvent liquidation at the end of 2020 but converted to a creditors voluntary liquidation this year. The FSCS said today (11 July) that PIFA is no longer trading, so customers can make a claim against it. According to Companies House, the firm was incorporated on 11 September 2000. The FSCS said PIFA was under investigation earlier this year (18 May) to find out whether it has been involved in any regulated activities. In 2017, many British Steel worke...

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

Sahar Nazir
Author spotlight

Sahar Nazir

News Editor at Professional Adviser

More on Your profession

HNW inheritance planning: Why international mobility is tearing up the old playbook

HNW inheritance planning: Why international mobility is tearing up the old playbook

'Advisers must also evolve beyond just fulfilling transactional roles'

Marc Acheson
clock 24 November 2025 • 4 min read
Autumn Budget 2025: Reeves set to raise up to £450m from mansion tax - reports

Autumn Budget 2025: Reeves set to raise up to £450m from mansion tax - reports

Set to hit 100,000 properties

Professional Adviser
clock 24 November 2025 • 1 min read
Why good advice relies on asking difficult questions

Why good advice relies on asking difficult questions

Difficult questions a 'core feature' of good advice

Ahmed Bawa
clock 21 November 2025 • 4 min read