A St Albans based financial services firm has failed after the Financial Services Compensation Scheme received a number of claims relating to unsuitable pension advice against it.
Mike Norris Financial Services was declared failed by the Financial Services Compensation Scheme (FSCS) on Friday (September 22).
The company went into voluntary liquidation in September 2022 after being formally closed a month before, according to Companies House.
The FSCS said so far there had been six claims against the firm all relating to unsuitable pension advice, though there is no connection to the British Steel Pension Scheme.
Of the claims, one has been upheld, two have been rejected while the remaining three are undecided.
The FSCS said it aims to investigate and process claims as quickly as possible but the often complex nature of them means it can be difficult to know how long this will take.
In an update earlier this year Sarah Marin, chief customer officer at the FSCS, outlined how the body assesses claims and said claims are becoming more complicated, particularly in the pensions market.
At the time she said: "As the products on offer become more complex, so does the associated claims process when things go wrong. And with added complexity comes added time to fully investigate the claim. This is adding time to the claims process before we even factor in the evidence gathering challenges I’ve discussed.
"That’s why it is absolutely vital that we work together to share information as quickly and efficiently as possible."
tara.o'connor@ft.com
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