The Financial Services Compensation Scheme (FSCS) has announced Birmingham-based Quadros Financial Solutions Ltd has failed.
According to Companies House the firm is in liquidation with a voluntary liquidator appointed on 3 May 2023.
The Financial Conduct Authority (FCA) register shows that the company is still authorised but the firm has applied to cancel its authorisation which it submitted in June 2023.
Until the cancellation the firm must still meet the FCA’s standards in dealing with its customers.
To read more on this topic, visit: Three firms declared in default
Quadros Financial Solution must fulfil specific requirements made by the FCA which includes immediately ceasing to the extent it has not already ceased all Defined Benefit pension transfers for which it has part 4A permission.
It also cannot hold and cannot control client money.
The FSCS told UK Adviser that it has received 9 claims in regard to the firm with five still in progress, three rejected and one upheld.
All claims are for pensions advice relating to SIPPs.
