The move opens the doors to ex-clients to claim up to £85,000 per claim if they were wrongly advised.

The FSCS said it has received two claims against the firm that are pension transfer and SIPP advice related, with one upheld. It confirmed that neither was BSPS related.

Atlantic Investors (Scotland) lost its FCA authorisation in August 2020, according to the FCA Register.

The firm was incorporated in December 1996, according to Companies House records. It dissolved in August 2023, after winding up commenced in December 2020.

The managing director of the firm was Chartered Financial Planner Tim Twiddy who started the business in 1996. According to his LinkedIn page, Mr Twiddy had, “particular expertise in advising on accessing pension benefits under the new flexible access rules and have the necessary qualifications and authorisations to advise on defined benefit pension transfers.”

The FCA Register records that Mr Twiddy is, “no longer in a role that requires regulatory approval.”

The latest failure follows a string of firms announced as failed by the FSCS last week.

Last Wednesday Redditch-based Go IFA Ltd became the fifth advice firm last week to be declared as failed or under investigation by the FSCS. The FSCS has received three claims against the firm so far for pension transfer and SIPP investment advice. None of the claims had links to the British Steel Pension Scheme.

Birmingham-based Oakwood Financial Management LLP (FRN: 225473) was also declared as failed on Wednesday, with 13 claims relating to pensions and mortgage advice.

Hampshire-based Finsbury Financial Limited (FRN: 503294) was declared as failed on Tuesday. The FSCS told Financial Planning Today that it has received four claims against the firm. It said three have been rejected, but one relating to a collective investment scheme has been upheld, which has triggered the default declaration.

Kathryn Brown (FRN: 670840) and KBFS Financial Ltd (FRN: 831504) were both placed under investigation on 9 April. KBFS Financial had its authorisation revoked by the FCA as a result of enforcement action on 9 February. No FSCS customer claims have been upheld against either firm as yet. Both firms have been associated with claims related to the British Steel Pension Scheme.

Last month the FSCS declared five firms as failed, including Manchester-based Pension Advice Specialists Ltd (FRN: 792927). It was the latest in a number of firms that have failed due to complaints involving pension transfer advice, including Sheffield-based Abbey Lane Financial Associates Limited (FRN 649170), which also failed in March and was linked to the BSPS scandal.