Former Cardiff financial adviser firm David Craig (FRN 503340) has been declared as failed by the Financial Services Compensation Scheme.

The move opens the doors to ex-clients to claim up to £85,000 compensation against the firm from the FSCS.

According to the Financial Services Compensation Scheme there are eight claims so far against the firm, all relating to unsuitable pension advice.

The FSCS said that one claim has been upheld so far.

It said the firm has no connection to the BSPS pensions scandal.

The firm was registered in July 2009 but lost its authorisation in August 2017, according to the FCA’s register.

Records at Companies House show that the business David Craig IFA Ltd was incorporated in September 2010 but dissolved in January 2014. It is now listed as a dormant company.

Its last company accounts were filed in September 2012.

Yesterday former Milton Keynes financial adviser firm Mike Norris Financial Services (FRN 542126) was declared as failed by the FSCS.