FSCS declares Niche IFA failed after British Steel claim upheld

FSCS says Niche IFA has 175 British Steel complaints against it

Jenna Brown
clock • 1 min read

Niche Independent Financial Advisers (Niche IFA) has been declared failed by the Financial Services Compensation Scheme (FSCS) after a complaint over its British Steel pension transfers was upheld.

The FSCS began its investigation into claims against the advisory business last May when it stopped trading and went into liquidation. The FSCS said there had been a total of 175 claims about the Newport-based firm so far with one upheld, which prompted the compensation body to put the advisory business in default. It added that 49 of the claims had been rejected as the clients suffered no financial loss. The remainder are in progress, the body said. The FSCS explained that in 2017, many British Steel workers were advised to transfer out of their defined benefit pension into a defi...

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

Agile IT needed as rapid regulation change becomes the norm

Agile IT needed as rapid regulation change becomes the norm

'Gone are the lengthy consultation and rule-setting cycles that often took several years'

Paul Muir
clock 15 April 2024 • 6 min read
Leveling up the playing field when it comes to picking skilled persons

Leveling up the playing field when it comes to picking skilled persons

Given the prerequisite for accuracy, a rigorous selection process is essential

Richard Farr
clock 15 April 2024 • 4 min read
A practical way forward: Utilising hybrid to close the advice gap

A practical way forward: Utilising hybrid to close the advice gap

Will the FCA's advice/guidance review increase access to advice?

Chet Velani
clock 02 April 2024 • 6 min read