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...

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