The Financial Services Compensation Scheme has declared BSPS-linked adviser firm Mark Peter Houlbrook (FRN: 498168) in default over pension transfer advice, opening the door to compensation for ex-clients with valid claims.

The FSCS said the Huddersfield-based firm was one of the companies associated with claims related to the British Steel Pension Scheme (BSPS).

The compensation body said there were three claims against the firm. One has been upheld and two have been rejected.

West Yorkshire-based Mark Peter Houlbrook also traded as Thorn Investment & Pension Services. Between January and April 2011 the firm also traded as The SIPP Broker.

The firm received its FCA authorisation in June 2009 but lost authorisation in July 2020, according to the FCA register.

Mark Peter Houlbrook was the sole adviser registered for the firm.

According to Companies House, Mr Houlbrook also previously held director roles at Bradford Independent Pensions Management & Trustee Services Ltd and Ebor Asset Management LLP. Both of these firms have now been dissolved.

Thorn Investment & Pension Services was dissolved on 20 July 2021, having entered voluntary liquidation in April 2021.

As the firm has now gone out of business, it is no longer able to continue to take part in the FCA's BSPS redress scheme. Therefore, any new claims against the firm should be submitted to the FSCS.

In 2017, many British Steel workers were advised to transfer out of their defined benefit pension into a defined contribution pension.

The FCA has set up a redress scheme for people who were advised to transfer out of the BSPS pension between 26 May 2016 and 29 March 2018.

Firms were asked to review the advice they gave, identify if it was unsuitable and calculate and pay redress to clients where the unsuitable advice caused a financial loss.

Financial advisers who gave bad advice to BSPS victims have been ordered to pay just £8.87m in fines and redress to BSPS victims - far less than the £50m expected, an FCA report revealed in July.