The Financial Services Compensation Scheme (FSCS) has declared a firm that advised on British Steel transfers in default.
Mercia Financial Planning Limited failed on 6 September 2022.
The UK lifeboat service told International Adviser that it has received 25 claims against the firm, all related to pension transfer advice.
It added that this also includes claims involving the British Steel Pension Scheme (BSPS).
The FSCS said that investors “may be able to make a claim against it” because the firm has now failed.
FCA
In January 2021, the Financial Conduct Authority (FCA) placed an asset restriction on the firm.
It was not allowed to
- dispose of, deal with or diminish the value of any of its assets; and/or
- dispose of, transfer or sell in whole or in part its client base without the prior written consent of the FCA.
The firm applied to cancel its licence in April 2022.
