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...

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

Law, not likes: Cracking down on social media financial promotions

Law, not likes: Cracking down on social media financial promotions

‘Every individual social post or communication must comply with the rules’

Sarah Wylie and Owen McLennan
clock 28 October 2024 • 4 min read
How Labour can support investment management vibrancy

How Labour can support investment management vibrancy

The formation of a new government – now just over 100 days’ old – has brightened the spotlight on UK financial services regulation, writes IIMI CEO Dani Hristova

Dani Hristova
clock 28 October 2024 • 4 min read
Number of non-financial misconduct reports in the City spikes in three years

Number of non-financial misconduct reports in the City spikes in three years

FCA reveals survey results

Cristian Angeloni
clock 25 October 2024 • 4 min read