The Financial Services Compensation Scheme has declared two pension advice firms in default.

One mostly advised on SIPPS while the other advised on pension transfers.

The TJM Partnership (FRN 498199) and Everyday Financial Advice (FRN 595535) - trading as Tudor Court Financial Planning - both defaulted on 7 October.

The TJM Partnership, based at Old Bailey in London, has 10 claims against it, mostly SIPP related. It was registered in 2009 as TJ Markets (Holdings) and was authorised in 2010.

From 2013 it also traded under the names TJM Bespoke, TJM, The Bespoke Brokerage and TJ Markets.

In 2019 it also traded under the names SG Capital Management and ForexVox and from 2021 under the names Neovision Global Capital and Quantrend Investment Management.

In 2012 it was restricted from holding client money and in 2014 it was restricted from MIFID investment services activity.

In December 2021 it was restricted from taking on new clients and it went into liquidation in January 2022.

In July 2022 The TJM Partnership was fined £2,038,700 by The Financial Conduct Authority for involvement with money laundering.

The regulator said that between 29 January 2014 and 25 November 2015, the firm, “had inadequate systems and controls to identify and mitigate the risk of being used to facilitate fraudulent trading and money laundering.”

Additionally, TJM breached Principle 2, “as it did not exercise due skill, care and diligence in applying its AML policies and procedures and failed to properly assess, monitor and mitigate the risk of financial crime.”

Everyday Financial Advice, trading as Tudor Court Financial Planning in Loughborough, was registered in 2013.

It lost its authorisation in 2019. It has one claim in progress against it, related to a pension transfer.