The Monetary Providers Compensation Scheme (FSCS) has declared Glasgow-based Atlantic Traders (Scotland) Ltd (FRN: 182565) as failed.
The transfer opens the doorways to ex-clients to say as much as £85,000 per declare in the event that they had been wrongly suggested.
The FSCS informed Monetary Planning immediately it has had two claims in opposition to the agency which can be pension switch and SIPP recommendation associated, with one upheld. It confirmed that neither declare was BSPS associated.
Atlantic Traders (Scotland) misplaced its FCA authorisation in August 2020, in accordance with the FCA Register, which additionally experiences that the agency was authorised from 1901, which appears unlikely.
The agency was included in December 1996 in accordance with Firms Home data. It dissolved in August 2023, after winding up commenced in December 2020.
The managing director of the agency was Chartered Monetary Planner Tim Twiddy who began the enterprise in 1996. In accordance with his LinkedIn web page, Mr Twiddy had “specific experience in advising on accessing pension advantages below the brand new versatile entry guidelines and have the mandatory {qualifications} and authorisations to advise on outlined profit pension transfers.”
The FCA Register data that Mr Twiddy is “now not in a job that requires regulatory approval.”
The most recent failure follows a string of companies introduced as failed by the FSCS final week.
Final Wednesday Redditch-based Go IFA Ltd turned the fifth recommendation agency final week to be declared as failed or below investigation by the FSCS. The FSCS has obtained three claims in opposition to the agency thus far for pension switch and SIPP funding recommendation. Not one of the claims had hyperlinks to the British Metal Pension Scheme.
Birmingham-based Oakwood Monetary Administration LLP (FRN: 225473) was additionally declared as failed on Wednesday, with 13 claims regarding pensions and mortgage recommendation.
Hampshire-based Finsbury Monetary Restricted (FRN: 503294) was declared as failed on Tuesday. The FSCS informed Monetary Planning At present that it has obtained 4 claims in opposition to the agency. It mentioned three have been rejected, however one regarding a collective funding scheme has been upheld, which has triggered the default declaration.
Final month the FSCS declared 5 companies as failed, together with Manchester-based Pension Recommendation Specialists Ltd (FRN: 792927). It was the most recent in various companies which have failed resulting from complaints involving pension switch recommendation, together with Sheffield-based Abbey Lane Monetary Associates Restricted (FRN 649170), which additionally failed in March and was linked to the BSPS scandal.
