The Financial Services Compensation Scheme (FSCS) declared The London Trading Company Ltd in default on 10 March 2023.
The London-based firm also traded as Lontrad and TCM Wealth Management.
According to the Financial Conduct Authority (FCA), the business has been in liquidation since November 2022.
The FSCS told International Adviser that it has received 23 claims against The London Trading Company (UK) Limited. One of the claims has been upheld and the other 22 are all in progress.
All claims are for unsuitable investment advice, mainly relating to self-invested personal pensions (Sipps).
Since the start of the year, 20 advice firms have failed – with one company under investigation with the FSCS.
The most recent firms declared in default were Optimise Wealth Management, FP Consulting Limited, Northern Provident Investments Limited and RSS&L Limited.
