Scottish financial adviser firm MLM Wealth Management Limited (trading as MLM Financial Services / FRN 784277) has been declared as failed by the Financial Services Compensation Scheme (FSCS).

The move opens the doors to ex-clients to claim compensation against the firm from the FSCS.

The FSCS said the firm has two claims against it, both under investigation and both related to BSPS pension transfer advice.

The firm is the latest of dozens of adviser firms to fail due to compensation claims and complaints from former members of British Steel Pension Scheme (BSPS) who received pension transfer advice after being told to consider moving their British Steel pension.

MLM was based in Nairn in Morayshire, near Inverness, and ceased to be authorised after September 2021.

Seven adviser and Financial Planning firms entered default in June and July, including two with BSPS claims.