The Financial Services Compensation Scheme has declared Kington-based Haich & Associates in default.
According to the FCA register, the firm has not been authorised since May 2022 with Companies House showing it was dissolved in the same month.
The lifeboat scheme told FT Adviser it has received 50 claims against the firm, with three rejected, 46 in progress and one upheld all relating to investment advice.
The FSCS began investigating the firm, which has also previously been named as 14Lights Ltd and NPD International Limited, in April 2023 .
Last month, Martyn Beauchamp, interim chief executive of the FSCS, told FT Adviser the use of artificial intelligence, teamed with a new operating model, will help the lifeboat scheme pay out claims more efficiently.
He said AI could help the FSCS scour through the tonnes of data and information it receives when investigating claims.
The FSCS also recently declared Macclesfield-based Chestergate Financial Services Ltd in default.
alina.khan@ft.com
