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...

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