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More Financial Advice Firms Under Investigation or Declared in Default

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The government-backed Financial Services Compensation Scheme investigates firms that are in financial difficulty and will step in to pay compensation when they fail.

The Financial Services Compensation Scheme (FSCS) publishes a list of firms that are under investigation or have been declared in default. We recently highlighted what these terms mean and what they mean for investors who have lost out financially.

Some of the most recent firms to be investigated are:

  • Blankstone Sington Ltd. This firm went into administration on 13th October 2023, following a number of claims made against it in relation to investment advice.
  • Holborn Assets. This firm entered administration on 24th October 2023 and has gone into liquidation. There are a number of claims against the firm in relation to unsuitable financial advice and, once a successful claim has been made, the FSCS can step in to pay compensation to former clients.
  • Inspirational Financial Management. This firm went into administration on 30th November 2023, after a number of British Steel Pension Scheme (BSPS) claims were made against it.

The following firms have been declared in default since October 2023:

  • Cavendish Incorporated Ltd. Claims against the firm relate to unsuitable investment advice for bonds or loan notes issued by Cavendish or its former appointed representative, Cottesmore Associates Ltd.
  • Marvell Enterprises Ltd. The firm offered high-yield bonds and Individual Savings Account (ISA) products and was involved in “carrying out regulated investment activities for which it did not have permission”.
  • Retirement Direct Ltd, formerly Read Independent Financial Advisers Ltd. Claims against the firm relate to unsuitable pension advice.
  • D C Financial Limited, formerly SystemCover Limited. This firm is also associated with British Steel Pension Scheme (BSPS) claims.
  • Quadros Financial Solutions. This firm has 9 claims against it, all relating to unsuitable Self-Invested Personal Pension (SIPP) advice, and the FSCS has already upheld one.
  • BlueSky Wealth Management Ltd. Another firm that is associated with British Steel Pension Scheme (BSPS) claims.
  • IFS Aegis Ltd, formerly Authorised Financial Advisors Ltd. This firm has two claims against it in relation to unsuitable pension advice but is not BSPS-linked. The first claim was upheld in December 2023.
  • Houghton Edwards LLP. The firm has six claims against it, all relating to unsuitable investment advice. The first claim was upheld in December 2023, opening the door to other claimants.
  • The Chambers Partnership Ltd. Four claims had been received against this firm when it failed in December 2023, relating to pension and investment advice.
  • D&G Financial Services Ltd, also known as D&G Insurance Services and AWC Insurance Services. The County Durham-based firm has had two claims against it relating to BPSP pension transfer advice. One claim has been upheld so far.

Peter McKenna is a Partner at TLW Solicitors and specialises in FSCS claims. He says:

“There are several criteria for making a pension or investment claim to the FSCS. The firm must have been regulated by the Financial Conduct Authority (FCA) at the time of the investment. It must have failed and not be able to pay claims against it.

If you received unsuitable financial advice that led to financial loss, it may be that the firm did not carry out sufficient due diligence to ensure that the investment or pension transfer was suitable for you, given your personal and financial circumstances and your attitude to risk. If this sounds like what happened in your case, you may be able to bring a claim.”

At TLW Solicitors, our experienced team can help you through the often complex Financial Services Compensation Scheme (FSCS) compensation process, ensuring that your claim is dealt with quickly and with the best possible result. Having us on board is a good idea because:

  • Our team of specialists know what information the FSCS is looking for and how to submit it on time, within the deadlines.
  • Legal and financial jargon can be difficult to decipher, but we can explain it to you in a way you’ll understand.
  • Your case will be actively managed, with reminders sent to the FSCS to keep things progressing.
  • Filling in paperwork can be time-consuming, so if you don’t have the time, we’ll do everything for you.
  • We may be able to get additional compensation for your losses, over and above the amount invested or transferred, and we’ve been known to pick up errors in the FSCS’ final calculations.
  • If your claim is rejected, we understand the appeals process and can advise on the next steps.

If you or a loved one have been affected by the investigation or failure of any of the firms named above and are considering a ‘no win, no fee’ claim through the FSCS, please call us on 0800 169 5925 or use one of our online forms, and our team will contact you for an initial, no-obligation consultation.

It is important to get advice as soon as possible, as strict time limits can apply.

Meet Our Team

Peter McKenna is a Partner at TLW Solicitors and specialises in FSCS claims.