Redditch-based Go IFA Ltd has become the fifth advice firm this 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 have links to the British Steel Pension Scheme.

Go IFA (FRN: 530741) was formerly known as Stevton Ltd and also traded as Go IFAs.

The firm was founded by James Hancher and Andrew Palmer in April 2010. Mr Palmer resigned as a director in February 2014.

Between August 2014 and June 2019 Go IFA also had Balens Financial Ltd acting as an appointed representative of the firm, based in Malvern.

The firm went into liquidation in May 2023. At the time of liquidation, the firm held £41,480 in assets, according to documents filed with Companies House.

Go IFA ceased to be authorised by the FCA on 6 February 2020.

At the time of liquidation, the firm owed £151,969 to sister company and sole shareholder Go Pensions Ltd. The firm took control of Go IFA in February 2019

Go Pensions was incorporated as a management consultancy firm in September 1997 and was previously known as KHPMC Systems Limited.

This week has seen five advice firms be declared as failed or under investigation by the FSCS.

Birmingham-based Oakwood Financial Management LLP (FRN: 225473) was 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.