The Monetary Providers Compensation Scheme has declared 4 extra companies in default, two with hyperlinks to the British Metal Pension Scheme (BSPS).
The 4 companies have a collective 267 claims in opposition to them.
On Friday it listed Sutton Coldfield-based RSS&L, Bromsgrove-based FP Consulting, London-based Optimise Wealth Administration and London-based Northern Provident Investments in default.
The transfer opens the door for former purchasers of the companies to hunt compensation.
RSS&L (FRN: 774374) misplaced its FCA authorisation in August 2018 and has two claims for DB pension transfers, of which one is in progress and one upheld, together with BSPS claims.
FP Consulting (FRN: 195084) was authorised in December 2001 and went into liquidation in June 2020.
It traded as The Salmon Partnership, RMS Wealth Administration, Honeypot Monetary Providers and Chilworth Monetary Administration.
It has 40 claims in opposition to it, primarily for outlined profit transfers, together with BSPS claims. Of the claims, 38 are in progress, one has been upheld and one rejected.
Optimise Wealth Administration (FRN: 812526) misplaced its FCA authorisation in August 2022 and has 31 claims primarily for DB pension transfers.
Of the claims, 24 are in progress, one has been upheld and 6 rejected.
Northern Provident Investments (FRN: 647948) went into liquidation in August 2021 with Jason Baker and Geoff Rowley of FRP Advisory Buying and selling appointed as joint liquidators.
It was authorised by the FCA from July 2015 and operated a debt-based crowdfunding platform the place clients may purchase illiquid debt securities and shares.
It usually acted as an ISA supervisor for the investments on provide, lots of which have been high-risk and highly-illiquid mini-bonds.
NPI didn’t maintain clients’ investments themselves. Regardless of the failure of NPI, clients continued to carry their investments, both immediately or inside an ISA wrapper.
Nonetheless sure investments failed and a few clients paid cash to NPI to speculate on their behalf which was not invested.
It has 194 claims relating to numerous investments, with one upheld.
The FSCS mentioned claims will now be labored by by the claims groups and can grow to be upheld or rejected over the subsequent few weeks and months.