UK independent advice firm and wealth manager Sigma Asset Management has been declared in default by the Financial Services Compensation Scheme (FSCS) over pensions advice claims.
The IFA, based in West Byfleet, Surrey, was dissolved back in 2020 and and was declared in default by the FSCS yesterday (12 March). The FSCS said it had already received five claims against the firm, with the first upheld claim triggering the default.
The firm had already received four upheld complaints against it at the Financial Ombudsman Service (FOS) between 2014 and 2015, mostly related to pensions advice.
The firm has 18 appointed representatives and 45 regulated staff registered against it on the FCA’s Register. Now it is in default, successful claimants can receive up to £85,000 in compensation through the industry-funded FSCS, which pays out to clients who received poor advice through a regulated firm.
