Financial Planning firm Portfolio Financial Consultancy Ltd (PFC) is to acquire Crescent Financial.

The move came after S&M Hughes Ltd (trading as Crescent Financial) voluntarily relinquished its regulatory permission and made an approach to PFC.

After discussions with the FCA, PFC was given approval to take on Crescent’s clients, who will now benefit from continuity of advice and level of service.

PFC has served South and West Wales for more than 20 years.

Its team of six qualified advisers, aided by 12 support staff, were described as having “a wealth of experience and specialist knowledge”.

PFC focuses on offering a local and personalised service and said it was “confident that the change will have a positive impact on Crescent’s former clients”.

A statement read: “PFC wishes to make clear that the directors and shareholders of Crescent will not benefit financially from the transaction.

“Funds received by Crescent will be set aside for its former clients and any potential creditors.”