The Financial Services Compensation Scheme has declared MacFarlaine & Brooks IFA Limited (FRN 612753) as failed, opening the door to compensation claims.
The compensation body has received 8 claims against Lancashire-based MacFarlaine & Brooks for unsuitable advice relating to pensions and investments.
It’s the latest in a string of adviser firm failures. Since the beginning of April some 16 advice firms have been reported by the FSCS as having failed, with 12 of the cases involving pensions advice.
Two of the claims against MacFarlaine & Brookes have been rejected, one upheld, and the remaining five are in progress, the FSCS said.
The firm has not been authorised by the FCA since December 2020.
The firm went into default on 28 June.
As the firm has failed the FSCS has stepped in as the business is unlikely to be able to meet any claims itself.
The firm was founded in November 2013 and was dissolved on 17 January 2023. Companies House first notified that it planned to strike the company off its register in April 2021.
MacFarlaine & Brooks was a full-service advice firm specialising in pensions, investments, protection and mortgages. It had assets of £20m under management on behalf of over 1,000 clients.
FSCS protection covers money held in banks, building societies and credit union accounts. The FSCS also protects insurance, investments, mortgage advice and arranging, debt management and funeral plans.
• FSCS website: www.fscs.org.uk
