The Financial Services Compensation Scheme has declared two financial adviser firms in default this week after receiving a growing number of claims from ex-clients.

Inspirational Financial Management Ltd (FRN 223511), trading as IFM Retirement Solutions, was declared in default with one claim so far upheld and 33 more claims in progress.

Some of the claims against Inspirational are understood to be related to BSPS (British Steel Pension Scheme). Inspirational provided mainly pensions advice to clients.

In March 2024 Huddersfield-based Inspirational Financial Management was fined £897,840 by the FCA because it had poorly advised people to transfer out of DB pension schemes, including the British Steel Pension Scheme. 

The other adviser firm declared in default is Attanta Ltd (FRN 301621), formerly Neovision Wealth Management Ltd. Attanta has been declared in default with one claim upheld. Nine claims are currently in progress but none are BSPS related, the FSCS said.

Ulster-based Attanta provided pensions and investment advice to clients.

In March last year the FCA halted regulated business at the Northern Ireland financial adviser Attanta by revoking its Part 4A permissions. Attanta Limited - formerly known as Neovision Wealth Management Limited – was no longer allowed to carry out regulated business after failing to pay FCA fees. The firm was based in Londonderry but also had an office in Ealing, west London.

Attanta traded previously under a number of names including Attanta and Attanta Wealth Management. It also previously used other names such as Harrison Charles Wealth Management, TJM Wealth Management Limited, Amazing Mortgages and Avoncourt Mortgages.