The Financial Services Compensation Scheme (FSCS) has paid out just over £9.5m on 232 successful claims against failed firm Portal Financial Services.
The FSCS told Professional Adviser that the financial planning firm had a total of 447 claims, of which 232 were successful and 28 were unsuccessful as of 26 October. A total of 187 claims are still in progress. Portal was declared in default in March and had entered compulsory liquidation on January 18 this year. The FSCS said the majority of the claims were related to pension transfer advice, with a small number related to the British Steel Pension Scheme. Read more: Advice firms dominate FSCS' default list in 2022/23 financial year
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