The Financial Services Compensation Scheme (FSCS) has confirmed that two advice firms associated with claims regarding the British Steel Pension Scheme (BSPS) are no longer trading.
Briggs Murray Financial Planning & Wealth Management and Whitebridge Financial Planning join a long list of businesses that have collapsed after British Steel workers were advised to transfer out of the company’s DB scheme.
By moving their money to a private pension arrangement, such as a Sipp, they lost benefits that had been built up in the BSPS.
British Steel workers can make a claim for compensation with the FSCS.
The news comes just days after the Financial Conduct Authority confirmed it was using emergency powers to stop financial advice firms that advised on BSPS transfers from disposing of their assets.
There were concerns that firms might seek to “get rid of assets” in an attempt to avoid having to pay compensation.
The asset disposal ban came into force on 27 April.
See also: £71.2m plan to compensate British Steel Pension Scheme victims
