FSCS declares 2 recommendation corporations have failed

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Two recommendation corporations have been declared failed by the Monetary Companies Compensation Scheme this week, together with a Monetary Planning agency which has 25 pension switch claims towards it, together with BSPS circumstances.

The 2 corporations are Mercia Monetary Planning Restricted of Warwickshire (FRN 718251) and FSP Restricted (FRN 607441) of North London.

The FSCS choice opens the doorways to shoppers of the corporations to submit claims for compensation.

The FSCS stated that Mercia Monetary Planning had to this point acquired 25 claims towards it, all associated to pension transfers, together with a variety of BSPS circumstances. 

In January 2021 the FCA imposed a restriction on Mercia, registered since 2015, to not dump or eliminate any belongings with out written consent.

Mercia utilized to the FCA in Could to cancel its authorisation. The agency’s web site is not working.

FSP Restricted of Wenlock Street, London N1 has two claims towards it for house finance recommendation (mortgage and fairness launch recommendation). The agency is not authorised.

The FSCS is at present coping with lively claims towards 30 main adviser corporations who gave recommendation on British Metal Pension Scheme transfers, together with a number of Monetary Planning companies. Additionally it is coping with a variety of BSPS claims towards smaller corporations. Particulars of the corporations are right here: https://www.fscs.org.uk/making-a-claim/claims-process/british-steel-pension-transfer/




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