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...

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