The Financial Services Compensation Scheme has declared four more companies to be in default, two of which are linked to the British Steel Pension Scheme (BSPS).
The four companies collectively have 267 claims against them.
Sutton Coldfield-based RSS&L, Bromsgrove-based FP Consulting, London-based Optimize Wealth Management and London-based Northern Provident Investments were listed by default on Friday. rice field.
The move opens the door for the company’s previous clients to seek compensation.
RSS&L (FRN: 774374) lost FCA clearance in August 2018 and has made two claims for the transfer of DB pensions, one of which is in progress and the other including a BSPS claim. Supported.
FP Consulting (FRN:195084) was licensed in December 2001 and liquidated in June 2020.
It traded as The Salmon Partnership, RMS Wealth Management, Honeypot Financial Services, and Chilworth Financial Management.
There are 40 claims, including BSPS claims, primarily relating to transfer of defined benefits. Of the claims, 38 were pending, 1 was upheld and 1 was dismissed.
Optimize Wealth Management (FRN: 812526) lost FCA approval in August 2022 with 31 claims, primarily relating to DB pension transfers.
Of the claims, 24 were pending, 1 was upheld and 6 were dismissed.
Northern Provident Investments (FRN: 647948) was liquidated in August 2021 with Jason Baker and Jeff Lowry of FRP Advisory Trading appointed as co-liquidators.
Licensed by the FCA since July 2015, it operated a bond-based crowdfunding platform that allows clients to purchase illiquid bonds and stocks.
It typically acted as an ISA manager for the investments offered, many of which were high-risk and highly illiquid mini-bonds.
NPI did not own the client’s investment itself. Despite NPI’s failure, customers continued to hold their investments directly or within ISA wrappers.
However, certain investments failed and some customers paid NPI money to invest instead of being invested.
There are 194 claims related to various investments, one of which is upheld.
FSCS said the claim will be processed by its claims team and will be upheld or denied in the coming weeks and months.