FSCS declares British Steel-linked advice firm in default

The Financial Planning Practice officially failed on 11 August

Jenna Brown
clock • 1 min read

Advice firm The Financial Planning Practice has failed, the Financial Services Compensation Scheme (FSCS) confirmed.

The lifeboat fund said the Llanelli-based firm had failed last week (11 August) and its clients should check to see if they were eligible for compensation. A spokesman for the FSCS confirmed that at present, there were five open claims linked to The Financial Planning Practice, some of which were related to the British Steel Pension Scheme. He added that the firm entered compulsory liquidation in October 2022, so it "would not be subject to the section 404 redress scheme". The Financial Conduct Authority register stated the firm lost its authorisation on 23 June and while previousl...

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

More on Regulation

Pension illustrations: The double-edged sword of tight regulation

Pension illustrations: The double-edged sword of tight regulation

'I am a firm believer the Consumer Duty outcomes are a positive'

Paul Muir
clock 20 May 2024 • 7 min read
A vote of confidence: FCA retirement income advice review in detail

A vote of confidence: FCA retirement income advice review in detail

Examples in the report are constructive and useful

Alastair Black
clock 16 May 2024 • 5 min read
Extending the SDR regime to portfolio management

Extending the SDR regime to portfolio management

FCA recently published its consultation paper on extending the SDR

Jonathan Griffiths
clock 14 May 2024 • 5 min read