The FSCS has declared in default a Hull-based financial adviser which provided SIPP and investment advice.
The firm, Solutions Financial Services (UK) Ltd, was dissolved five years ago and is the latest in a string of SIPPs and pensions advisers to have been declared as failed by the compensations scheme.
The FSCS said that there are two claims against Solutions Financial Service (UK) Ltd currently being processed. These are related to investment and SIPP products and are not BSPS related.
The firm (FRN:402668) was an appointed rep and is no longer regulated by the FCA.
According to the FCA Register. Solutions was an appointed representative of TenetConnect Services Limited from Aug 2004 to May 2010 and Sense Network Limited from Apr 2010 to Jul 2012.
Companies House records show the firm had a registered office address of Unit 8b Marina Court, Castle Street, Hull, HU1 1TJ. The firm was incorporated on 11 May 2004 and was dissolved on 11 July 2017.
Solutions is one of several adviser firms to be declared in default recently with some wound up several years ago.
Last week the Financial Services Compensation declared an East Midlands financial adviser with several trading names as failed, opening the door to clients claiming compensation. The FSCS said there were seven claims against the firm, Hallmark (East Midlands) Ltd. They are a mixture of pension claims but not BSPS related, the FSCS said.
Hallmark (FRN 403377) also traded as Hallmark Mortgages & Overseas Properties and Abbot Insurance Broker. It was listed at an address in Ilkeston, Derbyshire. Claims against Hallmark are likely related to advice given some years ago as the firm ceased to be authorised after May 2011.
Earlier in October, two other adviser firms, the TJM Partnership (FRN 498199) and Everyday Financial Advice (FRN 595535) – trading as Tudor Court Financial Planning – both defaulted.
