The Financial Services Compensation Scheme (FSCS) has declared Shropshire-based Nationwide Benefit Consultants (NBC) and Devon-based Trust Financial Consulting (TFC) in default.
In July 2022, NBC was investigated by the lifeboat scheme over its involvement with advising and/or arranging pension transfers and investment into the Trafalgar Multi Asset Fund, which is the subject of a Serious Fraud Office investigation.
Nationwide Benefits Consultants was incorporated in December 2011 and traded as The Pension Reporter from May 2014.
Between May 2014 and April 2016, it acted as an appointed representative of Joseph Oliver Mediação de Seguros, a regulated Portuguese company, which was able to conduct business in the UK via passporting under the Insurance Distribution Directive.
NBC was subsequently dissolved in August 2018.
Trust Financial Consulting
The other company that failed, TFC, was set up in 2002 and had one appointed representative called Trust Consulting between 2007 and 2011.
The firm was dissolved in 2012 after losing regulatory permissions the previous year.
The FSCS confirmed to International Adviser it received 25 claims against NBC related to pension advice and two claims against TFC about mis-sold self-invested personal pensions (Sipps).
