Glasgow-based IFA Cowley & Miller Independent Financial Services Limited has failed after the firm was hit with 34 claims from clients, most related to pension transfers.

The Financial Services Compensation Scheme today declared the firm a failed business and opened the door to customers claiming compensation.

The FSCS said 34 claims had so far been received. Most were pension transfer-related but are not believed to be linked to British Steel Pension Scheme cases.

The FCA has imposed a number of restrictions on the firm over the past four years.

In April 2018 it ordered the firm to stop advising on any new or existing pension transfers, except where the advice has been previously reviewed by an “independent and suitably qualified third party.” 

In June 2021 the firm was subject to an asset restriction preventing it from selling any of its assets without the FCA’s prior written consent.

The firm has applied to the FCA for its authorisation to be cancelled.

Cowley & Miller is based at 290 Bath Street, Unit 2, Floor 2, Sycamore House, Glasgow. The two registered individuals are listed as Judith Cowley and James Park Miller. Both are listed on the FCA register as pension transfer specialists.

The firm has been asked for comment.