Glasgow-based pension adviser firm Executive Benefit Consultancy Ltd (FRN: 207482) has been declared in default by the Financial Services Compensation scheme.
The move opens the door to ex-clients with valid claims to seek compensation for losses from the FSCS of up to £85,000 per claim.
The FSCS declared the firm in default on Monday as the first claim against it was upheld. The FSCS said that the claim was the only one received so far and related to pension advice.
It did not provide any details of the pension advice.
According to the FCA Register, Executive Benefit Consultancy was registered in April 2003.
It had previously been registered under the name W H Independent Financial Advisers Limited between December 2001 and May 2002. It was then registered under the name Executive Benefit Services Limited between May 2002 and May 2003.
The company lost its authorisation in October 2021, according to the Register.
Companies House records show that the firm existed for 25 years, having been incorporated in December 1998 and dissolved in June 2023.
Records show it had four financial advisers, listed as being Paul Hetherington, Robert McGarrie, Gavin McLuskey, and Scott Russell.
Separately, Surrey-based adviser firm Jacob Hopkins McKenzie Ltd (FRN: 793392) - which also traded as 'How Refreshing' - was declared in default by the Financial Services Compensation scheme last Friday.
It was one of three adviser firms declared in default by the FSCS last week. The other two included Inspirational Financial Management Ltd (FRN 223511), trading as IFM Retirement Solutions, with one claim so far upheld and 33 more claims in progress. Some of the claims against Inspirational are understood to be BSPS-related.
The other adviser firm declared in default last week was 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.
