The Financial Services Compensation Scheme (FSCS) announced that Wales-based Prism Independent Financial Advisers Limited and Bristol-based Wealthmasters Financial Management Limited have failed.
IFA firm Prism has not been authorised by the Financial Conduct Authority (FCA) since September 2020.
According to Companies House, the firm is in liquidation.
The FSCS told International Adviser that it has received 53 claims in total about Prism Independent Financial Advisers Ltd.
Some 50 of the claims are in progress, two have been rejected and one has been upheld, the claims are pension transfer advice related.
This comes after the FSCS announced that it was investigating Prism Independent Financial Advisers Ltd in May 2023.
Second failed firm
According to the FCA, Wealthmasters Financial Management Limited has been in liquidation since February 2023 with Paul Wood and Huw Powell of Begbies Traynor being appointed liquidators.
The FSCS told IA that it has received 58 claims in total about Wealthmasters Financial Management Ltd.
Some 54 of the claims are in progress, three have been rejected and one has been upheld, the claims are pensions and investment advice related.
The firm has been under investigation by the FSCS since March 2023. The company is also known as Gryphon Capital, Invictus Wealth and Sydney Charles UK.
