The FSCS has declared two failed financial adviser firms in default, opening the door to ex-clients with valid claims to seek compensation.
The two firms are:
• Donre Advisory Limited (FRN: 513993). Donre traded from offices in the City of London and was formerly known as Basi & Basi Financial Planning Ltd until 25 April 2024. It also traded under other names in previous years.
• MHMW1 Ltd, formerly M L Robinson Financial Advice Ltd (FRN 575253) which was based in Cwmbran, Gwent, Wales.
Both firms were declared in default this week.
Donre Advisory Ltd (Donre) was a financial advice firm offering advice on insurance, mortgages and home finance as well as pensions planning.
Donre went into liquidation last year and Sean Bucknall and Andrew Hosking of Quantuma Advisory have been appointed as joint liquidators. The liquidators will be emailing former clients in due course.
Donre describes itself on its website as offering a number of Financial Planning services including retirement planning, investment planning and estate planning.
The FSCS said it had so far received four claims relating to Donre. One claim has now been upheld triggering the default declaration. None are BSPS related.
MHMW1 Ltd is no longer trading. It has so far had one claim against it triggering a default yesterday. This was for advice in the life distribution, pensions and investment intermediation category. The claim was not BSPS related.
The FSCS can award compensation of up to £85,000 per investment claim.