Welsh IFA fails after FSCS upholds claim

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Welsh IFA fails after FSCS upholds claim
Pexels/Darius Krause

An IFA with one successful claim against it has been declared failed by the Financial Services Compensation Scheme.

Newport-based Thomas Financial Limited failed yesterday (June 8), according to the FSCS.

Two claims were made against the firm for advice, one was rejected and the other has been upheld, triggering the default.

None of the claims are related to the British Steel Pension Scheme.

The company has previously traded under the names Steve Thomas Financial Services, Chepstow Financial Services, Private Planning Solutions and Any Mortgage Matters.

It was regulated by the Financial Conduct Authority between November 2007 and December 2012. 

Last month, the FSCS declared three firms as failed, including Wellington Court Financial Services Ltd which had 329 open claims against it.

A further four firms were placed under investigation by the lifeboat scheme, including Niche Independent Financial Advisers Ltd, which was linked to the BSPS and run by the founder of Cash Calc.