The Monetary Providers Compensation Scheme (FSCS) has declared Glasgow-based Atlantic Traders (Scotland) Ltd (FRN: 182565) as failed.
The transfer opens the doorways to ex-clients to assert as much as £85,000 per declare in the event that they have been wrongly suggested.
The FSCS mentioned it has obtained two claims towards the agency which are pension switch and SIPP recommendation associated, with one upheld. It confirmed that neither was BSPS associated.
Atlantic Traders (Scotland) misplaced its FCA authorisation in August 2020, in keeping with the FCA Register.
The agency was integrated in December 1996, in keeping with Firms Home data. It dissolved in August 2023, after winding up commenced in December 2020.
The managing director of the agency was Chartered Monetary Planner Tim Twiddy who began the enterprise in 1996. In line with his LinkedIn web page, Mr Twiddy had, “explicit experience in advising on accessing pension advantages beneath the brand new versatile entry guidelines and have the required {qualifications} and authorisations to advise on outlined profit pension transfers.”
The FCA Register data that Mr Twiddy is, “not in a task that requires regulatory approval.”
The most recent failure follows a string of corporations introduced as failed by the FSCS final week.
Final Wednesday Redditch-based Go IFA Ltd grew to become the fifth recommendation agency final week to be declared as failed or beneath investigation by the FSCS. The FSCS has obtained three claims towards the agency to this point for pension switch and SIPP funding recommendation. Not one of the claims had hyperlinks to the British Metal Pension Scheme.
Birmingham-based Oakwood Monetary Administration LLP (FRN: 225473) was additionally declared as failed on Wednesday, with 13 claims regarding pensions and mortgage recommendation.
Hampshire-based Finsbury Monetary Restricted (FRN: 503294) was declared as failed on Tuesday. The FSCS informed Monetary Planning At the moment that it has obtained 4 claims towards the agency. It mentioned three have been rejected, however one regarding a collective funding scheme has been upheld, which has triggered the default declaration.
Final month the FSCS declared 5 corporations as failed, together with Manchester-based Pension Recommendation Specialists Ltd (FRN: 792927). It was the most recent in quite a lot of corporations which have failed on account of complaints involving pension switch recommendation, together with Sheffield-based Abbey Lane Monetary Associates Restricted (FRN 649170), which additionally failed in March and was linked to the BSPS scandal.
