The Financial Services Compensation Scheme (FSCS) announced that two advice firms have failed on 7 October 2022.
The companies in question are:
- London-based The TJM Partnership Limited – formerly TJ Market (Holdings) plc, Neovision Global Capital Limited; and
- Loughborough-based Everyday Financial Advice Ltd – trading as Tudor Court Financial Planning.
The FSCS confirmed to International Adviser it has so far received 10 claims against TJM, most of which relate to personal pensions, and one pension transfer claim against Tudor Court.
The 11 claims are currently in progress, it added.
TJM was fined over £2m ($2.21mm, €2.27m) by the Financial Conduct Authority (FCA) in July 2022 for serious crime control failings in relation to cum-ex trading.
This comes days after the FSCS said, between April and August 2022, it processed 67,162 claims and paid customers around £184m ($209m, €210m) in compensation to get them back on track when financial firms have failed.
