The Financial Services Compensation Scheme (FSCS) announced that Essex-based Pacific IFA Limited has failed.
The financial advice firm has not been authorised by the Financial Conduct Authority (FCA) since November 2020.
According to Companies House, there is an active proposal to have the company struck off.
The FSCS told International Adviser that it has received nine claims in total about Pacific IFA.
Some seven claims are in progress, with one upheld and one rejected. The claims are for self-invested personal pensions (Sipps) and other pension advice.
Liquidated firm
In other news, the FSCS is currently investigating Welsh advice firm Niche Independent Financial Advisers Ltd.
The UK lifeboat scheme said the firm has links to the British Steel Pension Scheme.
According to the FCA, Niche Independent Financial Advisers Ltd has been in liquidation since 26 May 2023.
The FSCS added: “In 2017, many British Steel workers were advised to transfer out of their defined benefit pension into a defined contribution pension, known as a personal pension plan or a Sipp
“By transferring to a private pension arrangement, they would have lost the benefits already built up in the British Steel Pension Scheme. It may not have been realistic to achieve the same level of benefits from their new plan.”
