The Monetary Companies Compensation Scheme has declared Bailey Richards Wealth Administration (FRN: 583487) in default.
It is without doubt one of the corporations related to claims concerning the British Metal Pension Scheme (BSPS).
The transfer opens the door for shoppers of the wealth supervisor to hunt compensation.
The Newcastle-based agency was integrated in Could 2012 however misplaced its FCA authorisation in July 2020 and went into administration in April 2022 after shifting its registered workplace to Solihull.
The FSCS stated it presently has 9 claims for pension switch recommendation in opposition to Bailey Richards Wealth Administration Restricted, with one being upheld, triggering the default declaration.
The FSCS has already this yr declared a number of different companies in default concerned in pension switch recommendation, together with some BSPS-related.
Most of the companies are monetary advisers, wealth managers and a small quantity describe themselves as Monetary Planners.
The companies embrace Higher Retirement Group, Aquila Monetary Companies, Cadogan Asset Administration, Company Monetary Planning, Nurture Monetary Planning, Plan Your Retirement Restricted and Premier Wealth Administration.
Earlier this month the FCA warned that a minimum of 15 companies are concentrating on BSPS victims with unsolicited and deceptive provides of redress.
The regulator stated the provides may trigger additional hurt to BSPS victims who could get lower than they deserve.
The watchdog issued the warning forward of its official BSPS redress scheme which begins on 28 February.
In January the FCA set out considerations about an “rising follow” the place some companies have been making unsolicited provides to former BSPS members.
Members of the BSPS have been focused a number of years in the past by typically unscrupulous recommendation companies encouraging them to switch to different pension schemes regardless of the damaging impact this could have on their pension advantages in lots of circumstances.
The recommendation they acquired could not have been one of the best recommendation for them, the FSCS stated.
It has reminded victims of agency failure that it’s unbiased, its service is free to customers and prospects hold all of the compensation they’re owed after they declare via the FSCS.
FSCS safety covers cash held in banks, constructing societies and credit score union accounts. The FSCS additionally protects insurance coverage, investments, mortgage recommendation and arranging, debt administration and funeral plans.
Fiona Kidy, FSCS’s chief monetary officer stated: “Clients of economic companies which have failed or are not buying and selling could make a declare to us and we’ll do all we are able to to compensate them. Our service is free, and prospects hold all of the compensation they’re due in the event that they declare immediately with us. To date this monetary yr FSCS has dealt with greater than 90,000 claims.”