The Financial Services Compensation Scheme has declared Macclesfield-based Chestergate Financial Services Ltd in default.
According to the FCA register, the firm has not been authorised since December 2011 with Companies House showing it was dissolved in February 2018.
The lifeboat scheme told FT Adviser it has received one claim against the firm in relation to pension transfer advice which has been upheld.
Earlier this month, the FSCS declared London-based Alexander David Securities Limited in default.
At the time, the lifeboat scheme told FT Adviser it had received 463 claims against the firm with one upheld, 51 rejected and 411 still in progress.
It also said the claims were in regard to investment and pension advice and confirmed they were not BSPS related.
Speaking to FTAdviser last week (May 8) interim chief executive Martyn Beauchamp said the lifeboat scheme was looking at using AI to help it scour through the tonnes of data and information it receives when investigating claims.
“There's a lot we can do with the kind of AI that's been around for a while now, such as machine learning and especially language processing,” Beauchamp said.
“If we can use that to pick up keywords across thousands of pages of documents and PDFs and emails, and there is a way of doing that at scale, then this can help us shrink this amount of information to process and move things from the investigation stage as quickly as possible.
“That's something we are considering and thinking about internally [at the FSCS].”
alina.khan@ft.com
