The Financial Services Compensation Scheme (FSCS) has announced it is investigating County Durham-based Green Gem Financial and Bridgend-based Wealthmasters Financial Management.
The UK lifeboat scheme said that the firms are both associated with claims regarding the British Steel Pension Scheme (BSPS). But the FSCS did not give further details about why the firms were under investigation.
According to the Financial Conduct Authority (FCA), Green Gem Financial has been in liquidation since 25 November 2022.
Roderick Graham Butcher of Butcher Woods was appointed liquidator in December 2022.
According to the FCA, Wealthmasters Financial Management has been in liquidation since February 2023.
Paul Wood and Huw Powell of Begbies Traynor were appointed liquidators in February 2023.
Since the start of the year, 20 advice firms have failed – with now three companies under investigation with the FSCS. The most recent firm declared in default was The London Trading Company Ltd on 10 March 2023.
