Advice firm Retirement Direct Limited (FRN: 183942) has been declared as failed by the Financial Services Compensation Scheme.

The move opens the doors to ex-clients to claim compensation from the FSCS up to a maximum of £85,000 per claim.

The Staffordshire-based firm was previously known as Read Independent Financial Advisers Limited and Read’s IFA Limited.

It was founded in November 1999 by Stephen Platts.

Retirement Direct began the process of winding up in October 2021 when it entered voluntary liquidation.

At the time of liquidation, the firm had a surplus of £56,262, according to filings with Companies House.

The firm was fined by FCA predecessor the FSA in December 2004 due to a, “failure to conduct business with due skill, care and diligence” and misleading client communications between September 2000 and January 2003.

At the time the FSA said the firm’s failings were particularly serious as they potentially affected the pension assets of customers approaching retirement due to the firm treating pensions unlocking as “being broadly suitable for all customers, and structures its sales process accordingly, when I fact these products were only suitable for a very small minority.”

The FSCS declared 12 firms in default in August and September this year.

The dozen firms declared in default included eight related to cases of unsuitable pension advice, including three linked to the British Steel Pension Scheme (BSPS).