FSCS declares two firms in default over pension and investment advice

The Financial Services Compensation Scheme (FSCS) has declared two firms in default after upholding pension transfer and investment advice claims against them.

The first firm, London-based Holistic Pension Transfer Specialists, is still authorised by the Financial Conduct Authority (FCA) but only for specific activities and product types. According to Companies House, the firm appointed a voluntary liquidator in July 2023.

According to an FT Adviser report, the FSCS has received 11 claims against the firm, mainly related to pension transfer advice. The same report said that, at the time of writing, the lifeboat fund had rejected one of the claims and upheld another, with the remaining nine ongoing.

The FSCS declared Holistic Pension Transfer Specialists in default on 3rd July.

The second firm, Sussex-based J Monroe Ltd, was declared in default on 4th July.

According to the FCA register, the firm, which traded as Compendium Wealth and Summit Wealth Management, has not been authorised to conduct regulated activities since August 2021. Companies House records show the firm was dissolved in September 2023 following liquidation.

While it is unclear how many claims this firm is facing, the upholding of a single claim has been enough for the FSCS to declare it in default.

If your adviser fails, we can help you get your money back

If your adviser or pension provider goes out of business, you can still get at least some of your money back by taking your claim to the FSCS, which can award up to £85,000 in mis-selling compensation, depending on when you were given advice or purchased a product.

Contact us now for a free, no-obligation review of your financial advice or product, and take the first step to getting the compensation you deserve.


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