The Financial Services Compensation Scheme has placed Leicester-based Trust Financial Planning Limited (FRN: 407457) under investigation.

The firm entered liquidation last week after being subject to voluntary restrictions from the FCA earlier this year.

Yesterday after placing the firm under investigation, the FSCS said: “FSCS is not open to customer claims right now, but we are investigating whether any claims are possible.

“As part of this investigation, we will be working closely with the joint liquidators and the FCA.”

Trust Financial Planning is a small independent financial advice firm that has been authorised by the UK regulators since 2004.

It was founded in December 2001 by New Zealander Daniel Gerald Scott Brittenden. The firm was an appointed representative of Grosvenor (FP) Limited between 2001 and 2004.

The firm described itself as a holistic Financial Planning firm with a focus on responsible engagement, 'implementing a Christian vision' of financial advice.

It has not had permission to conduct investment activity since 1 March 2021. Since that time, it has only had permissions to conduct insurance, mortgage and credit broking activities.

The firm became subject to voluntary requirements, including stopping all regulated activity, on 19 March.

On 7 August, Paul Stanley and Dean Watson of Begbies Traynor were appointed as joint liquidators of Trust Financial.

The director of the firm, Mr Brittenden, chose to put them firm into creditors’ voluntary liquidation after taken advice about its financial position.

Investors in the firm held what Mr Brittenden called 'Trust Bonds'. The FCA has urged those who believe they are owed money by the firm under these trust bond arrangements to contact the liquidators.