The Financial Services Compensation Scheme has declared five pension advice firms as failed this week – four of them for pension transfer advice complaints.
At least three of the firms provided advice to British Steel Pension Scheme (BSPS) victims.
One of the biggest failures is Better Retirement Group which has been hit with 217 claims, many for pension transfer advice including BSPS claims.
The FSCS has seen a string of firm failures since the beginning of the year with nine firms failing since 1 January, seven hit with pension advice claims.
The five latest firms declared as failed are:
• Better Retirement Group Ltd (FRN 153420). It has 217 claims in total against it and 199 are in progress with 18 rejected. Many of the claims are for pension transfer advice, some of which are BSPS related.
• Broadgate Financial Management (FRN 589112). This firm has 16 claims against it for pension transfer advice, some BSPS related
• Vintage Investment Services (FRN 142806) – This firm has 65 claims against it for pension transfer advice, some BSPS related.
• Braemar Wealth Management (FRN 425022). There are two claims against this firm, both for pension transfer advice but not BSPS related.
• For Aquila Financial Services (FRN: 539133). This firm, declared as failed today, has seen eight claims in total, five have been rejected and three are currently in progress with at least one of these a valid claim. The claims are for pension investment advice and are not BSPS related.
