Tuesday, 18 October 2022 10:55
FSCS steps in as SIPP adviser fails
The Financial Services Compensation Scheme has declared as failed a Midlands financial adviser hit with a string of claims related to pensions and SIPPs.
The firm, Thompson Prior LLP, was declared failed by the FSCS this week.
The firm joins a growing list of failed firms which specialised in pensions and SIPP advice but have recently been declared failed or in default by the FSCS.
The failure declaration opens the door to clients of the firm (FRN 207510) to claim compensation from the FSCS as the firm is judged unable to meet all the claims against it.
The FSCS said there are currently five claims against the firm, mostly pensions related, with SIPP advice being a key part of the complaints.
The claims are not believed to be related to the British Steel Pension Scheme.
The firm was based in Bridgnorth, Shropshire and is no longer authorised to provide regulated activities. It was first registered with the FCA in 2001.
The FCA register lists four people connected to the firm: Timothy John Prior, Nicholas Charles Thompson, Alison Jane Prior and Leanne Penelope Martine Little.
The TJM Partnership (FRN 498199) and Everyday Financial Advice (FRN 595535) - trading as Tudor Court Financial Planning - both defaulted this month.
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.
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.
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