The Monetary Providers Compensation Scheme (FSCS) has declared Manchester-based Pension Recommendation Specialists Ltd (FRN: 792927) as failed.
It’s the fifth agency to be declared as failed by the FSCS to date this week.
The agency beforehand traded as Ashworth Wealth between September 2021 and Might 2022.
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 instructed Monetary Planning Immediately that it has to date obtained 14 claims towards the agency, all associated to pension switch recommendation. The primary of those claims has simply been upheld, triggering the default declaration.
Not one of the claims are associated to the British Metal Pension Scheme.
In keeping with the FCA register, Pension Recommendation Specialists Ltd is presently in an insolvency course of and beneath the management of the appointed insolvency workplace holder, Leonard Curtis.
The agency has been in administration since Might 2023, in line with Firms Home. On the level of administration the agency had £113,037 within the financial institution. It has been authorised by the FCA since March 2018.
Pension Recommendation Specialists is the most recent in quite a lot of corporations to fail attributable to complaints involving pension switch recommendation.
Earlier this month the FSCS declared Swindon-based recommendation agency AP Monetary Providers UK Ltd in default after upholding a pension switch grievance towards the agency.
The FSCS headcount is about to rise from 254 to 321 with the recruitment of 67 new workers.