The Financial Services Compensation Scheme has declared Cardiff-based Broadland Partnerships in default.
According to Companies House, the firm is in liquidation with voluntary liquidators being appointed in December 2020.
Additionally, the FCA register revealed that the firm has not been authorised since August 2012.
The lifeboat scheme told FT Adviser it has received eight claims against the firm in relation to home finance, investments and pension advice.
Seven claims have been unsuccessful and one has been upheld regarding pension advice which the FSCS confirmed was not BSPS related.
The firm has also been trading under the name Manning Gee Investments.
This comes after the FSCS placed Foreign Currency Innovations Ltd under investigation last week.
Based in Essex the firm offered a range of brokerage services including contracts for differences, rolling spot currency contracts and spread bets.
CFDs are a high-risk investment product used to bet on the price of an asset.
According to the lifeboat scheme it has started accepting claims against the firm and is working with joint liquidators to understand whether there are likely to be any valid claims that would allow it to pay compensation.
alina.khan@ft.com
