5th pension-linked adviser fails this month

The Financial Services Compensation Scheme has declared in default its fifth adviser firm this month.

Antonor LLP, based in Reigate, Survey, was put into default by the FSCS today.

It has one claim against it for Sipp-related pensions advice.

The default opens the door to ex-clients claiming compensation from the FSCS.

Antonor LLP (FRN 486910) was formerly known as Priory Impartial Solutions LLP and also traded as Ridgeway Consultants.

The firm described itself on its Twitter account as, “Specialists in retirement planning. Expert advisers on tax, pensions and investments.”

The firm ceased to be authorised by the FCA in June 2017.

It is one of a string of adviser firms to be declared in default this week by the FSCS, most with pensions claims against them.

Earlier this week the FSCS declared Scottish-based Financial Planning firm EQ Financial Planning Limited in default. EQ Financial Planning Limited (FRN 575160) also has a pension claim against it. EQ has no connection to London-based wealth manager and Financial Planner EQ Investors or other firms using EQ in their name.

Advice firm Bartholomew Financial Limited (FRN 596038) was declared in default last week by the FSCS after facing 12 claims from ex-clients, with all 12 claims relating to pension transfer advice. 

Other recent advice firm failures with pension advice claims include Mercia Financial Planning Limited of Warwickshire (FRN 718251), FSP Limited (FRN 607441) of North London, Bolton-based Smith, Law & Shepherds IFA Ltd and Birmingham-based County Capital Wealth Management Ltd.

Separately, the FSCS is forecasting a 20% cut to its levy requirement for 2023/24 thanks to high levels of surplus built up in the current financial year.