Most Recent Failed Firms - List by FSCS and how to make a claim

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If you have lost out on money due to a financial firm failing, you may be entitled to make a claim against them.

By submitting a claim to the Financial Services Compensation Scheme (FSCS), they may be able to compensate you for your financial loss.

However, there are eligibility rules in place to make a claim, and the firm must have been authorised by either the Financial Conduct Authority (FCA) or the Prudential Regulation Authority.

Most Recent Failed Firms

We have rounded up a list of the most recent failed firms according to the FSCS. If you have been affected by any of these firms or lost out on money, you may be entitled to make a claim for your losses.

Failed Firms

In December, the FSCS declared 6 advice and pension firms in default, with an additional two firms under investigation. The FSCS said that it planned to increase its workforce by about 25% by 2025 to cope with a surge in complex cases.

The FSCS also said that a rise in complex cases meant it needed more in-house experts to deal with cases that will include SIPPs, investments and pension transfers.

D & G Financial Services Ltd – Pensions and Investments

Failed – 9^th January 2024

This firm entered administration in November 2023 and is also involved in the British Steel Pension Scheme issues.

It was recently reported that the FSCS has received two claims against the firm which relate to pension advice. A spokesperson for the FSCS confirmed that these claims involve British Steel pension scheme.

So far only one claim has been upheld, allowing the FSCS to declare D & G Financial Services Ltd in default. The other claim is still in progress.

D & G Financial Services Ltd has not been authorised by the Financial Conduct Authority (FCA) since January 2021.

Niche Independent Financial Advisers Ltd – Pensions

Failed – 17^thJanuary 2024

On 26 May 2023 Niche Independent Financial Advisers Ltd entered liquidation and was placed under investigation by FSCS.

FSCS is now considering customers’ claims against this firm and have received 175 claims against Niche Independent Financial Advisers Ltd, with one upheld and 49 rejected.

Niche Independent Financial Advisers Ltd  is also one of the companies associated with claims regarding the British Steel Pension Scheme (BSPS).

In 2017, many British Steel workers were advised to transfer out of their defined benefit pension into a Personal Pension Plan or a Self-Invested Personal Pension. By transferring they have lost the benefits already built up in the British Steel Pension Scheme.

The FSCS has so far paid £73mn in compensation to BSPS clients, against total losses of more than £106mn.

Smith Holdings Ltd – Pensions

Failed 23^rd January 2024

Smith Holdings is the latest in a string of advice firms to enter default following successful complaints over unsuitable pension advice.

Smith Holdings trading as Lifetime Independent

The FSCS has received four claims against the firm relating to pension advice.

A spokesperson for the lifeboat scheme, FSCS, said one claim has been upheld and three have been unsuccessful.

They also confirmed the claims were not related to the British Steel Pension Scheme.

According to the FCA Register the firm has not been authorised since February 2013 with Companies House showing it was dissolved in March 2015.

The firm was also trading under the name Life Time Independent.

How to make a claim

If you have been affected by any of the above firms, you may be entitled to claim compensation equivalent to the losses that you suffered. Oakwood Solicitors operate on a no-win-no-fee basis which means a percentage of the compensation recovered is deducted to cover your legal fees.

Why choose Oakwood Solicitors Ltd?

We will allocate you a dedicated Solicitor with specialist knowledge and expertise to handle your claim from beginning to end and make the claims process hassle-free and as simple as possible.
Your Solicitor will offer you a free initial consultation whereby they will consider your claim and advise you on the prospects of success.
Do not worry if you do not have any documentation to support your failed finances. Your lawyer will obtain all the required documentation to be able to advise you on the value of your claim and ensure that you recover the compensation owed to you.
Your Solicitor will keep you regularly updated throughout the claims process and will be on hand to offer advice and support throughout the claims process.

We pride ourselves on offering a five-star service to our clients. Take a look at our testimonials to see what our previous clients have said about the service offered to them.

List of FSCS Most Recent Failed Firms and how to make a claim