It is the fifth firm to be declared as failed by the FSCS so far this week.

The firm previously traded as Ashworth Wealth between September 2021 and May 2022.

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

The FSCS told Financial Planning Today that it has so far received 14 claims against the firm, all related to pension transfer advice. The first of these claims has just been upheld, triggering the default declaration.

None of the claims are related to the British Steel Pension Scheme.

According to the FCA register, Pension Advice Specialists Ltd is currently in an insolvency process and under the control of the appointed insolvency office holder, Leonard Curtis.

The firm has been in administration since May 2023, according to Companies House. At the point of administration the firm had £113,037 in the bank. It has been authorised by the FCA since March 2018.

Pension Advice Specialists is the latest in a number of firms to fail due to complaints involving pension transfer advice.

Earlier this month the FSCS declared Swindon-based advice firm AP Financial Services UK Ltd in default after upholding a pension transfer complaint against the firm.

The Financial Services Compensation Scheme plans to increase its workforce by about 25% by 2024/25 to cope with a surge in complex cases, the body confirmed to Financial Planning Today in January.

The FSCS headcount is set to rise from 254 to 321 with the recruitment of 67 new staff.