The Financial Services Compensation Scheme (FSCS) has declared two pension advice firms in default.

Both firms were advising on pension transfers and have 27 claims between them related to pensions advice.

Nationwide Benefit Consultants (FRN 624316) and Trust Financial Consulting (FRN 401459) both defaulted on 16 September.

Nationwide Benefit Consultants (NBCL) was founded on 15 December 2011 and traded under the name of The Pension Reporter from 29 May 2014. The firm currently has 25 claims against it in total, all for pensions advice.

The firm ceased to be registered as an appointed representative with the FCA on 8 April 2016, with the company being dissolved on 14 August 2018.

NBCL was involved with advising on and arranging pension transfers and making subsequent investments into the Trafalgar Multi Asset Fund.

The Trafalgar Multi Asset Fund is currently the subject of an investigation by the Serious Fraud Office and has been connected to the Capita Oak Pension and Henley Retirement Benefit schemes and SIPPs sold through Sycamore Crown Ltd, Jackson Francis Ltd, TPS Land, CLP Brokers or PFR Services, which were invested into storage pods.

The FSCS said it has been working with the FCA and the Financial Ombudsman Service to investigate the activities of NBCL and has called for investors who have received pension transfer advice from NBCL to make a claim against the firm to the FSCS.

Devon-based Trust Financial Consulting Ltd (Trust) was founded in June 2004 and ceased to be registered with the FCA on 25 March 2011.

Trust was an advice firm which specialized in advising on pensions, investments and pension transfers.

The firm currently has two claims against it, both for mis-sold SIPPs.