The Monetary Companies Compensation Scheme has launched an investigation into Newport-based Area of interest Impartial Monetary Advisers Ltd (FRN: 472635).
Area of interest is likely one of the recommendation corporations related to claims linked to the British Metal Pension Scheme (BSPS).
The FSCS stated it was unable to share claims figures as Area of interest has not but been declared in default, though is encouraging anybody who could have legitimate claims in opposition to Area of interest to return ahead.
It stated: “We’re open for patrons to make claims, and at the moment assessing these to see if there are any legitimate claims, and if the agency can’t meet these itself.”
The FSCS stated that Area of interest Impartial Monetary Advisers Ltd stopped buying and selling earlier this month, going into liquidation final Friday 26 Could.
In line with the FCA register, Area of interest was registered in September 2007 and authorised from November 2007.
It additionally traded below the identify Area of interest IFA till February 2019 when it started additionally buying and selling below the identify Area of interest Pension Specialists.
Its govt director is Ray Adams who was beforehand an funding adviser at Quilter Wealth between 2005 and 2007 and earlier than that labored at Wesleyan Assurance Society.
In 2017, many British Metal employees have been suggested to switch out of their outlined profit pension into an outlined contribution pension equivalent to a Private Pension Plan or a Self-Invested Private Pension (SIPP).
The FSCS stated that by transferring to a personal pension association, they might have misplaced the advantages already constructed up within the British Metal Pension Scheme and that it could not have been reasonable to attain the identical stage of advantages from their new plan.
A number of monetary recommendation corporations have discovered themselves caught up within the BSPS scandal.
Earlier this month the FCA censured Quilter-owned Lighthouse Advisory Companies Restricted for severe recommendation failings in relation to the British Metal Pension Scheme which resulted in £23m paid in redress to shoppers, a few of them pension switch shoppers.
It additionally launched an investigation into launched an investigation into Newport-based Prism Impartial Monetary Advisers this month.
