A Gloucestershire-based firm has been declared as failed by the Financial Services Compensation Scheme (FSCS).
The FSCS has declared IFS Aegis Limited, formerly Authorised Financial Advisors, in default after the first claim against the firm was upheld.
As of today (December 14), the FSCS has one other claim in progress.
The FSCS confirmed these claims are pension advice related, but not related to British Steel Pension Scheme.
This comes as last week, the FSCS placed two financial advice firms under investigation, as well as one in default.
One of the firms under investigation, Inspirational Financial Management, became authorised in July 2003.
However, it entered administration on November 30, 2023 and was one of the firms associated with claims regarding the British Steel Pension Scheme (BSPS),
The firm was taking part in the Financial Conduct Authority’s redress scheme for BSPS members and therefore, the FSCS expects a number of these claims to arise.
The other firm under investigation, Holborn Assets, became authorised in February 2015 and entered administration on October 24, 2023.
sonia.rach@ft.com
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