An advice firm has failed after the Financial Services Compensation Scheme received a number of claims against it.
Stafford-based Retirement Direct Ltd, formerly Read Independent Financial Advisers Ltd, was declared in default last week (October 20).
The FSCS said it received 14 claims relating to pension advice, mainly pension transfers.
Of the 14, three have been unsuccessful, one has been upheld, and the remaining 10 are in progress.
These claims are not linked to British Steel Pension Scheme.
Earlier this month, a London-based firm, which was never permitted to provide advice on investments, failed after a year long investigation by the FSCS.
Cavendish Incorporated was not authorised by the Financial Conduct Authority (FCA) and in November 2022 the regulator announced the firm was liquidated.
The FSCS had been looking into the firm, and its former appointed representative, Cottesmore Associates Ltd since August 2022.
Additionally, another London-based firm, Marvell Enterprises Ltd also failed this month after the FSCS stated that it was involved in offering high-yield bonds and Isa products and carrying out regulated investment activities for which it did not have permission.
sonia.rach@ft.com
