South Wales Advice firm The Financial Planning Practice (FRN: 223388) has failed, the Financial Services Compensation Scheme said.

The FSCS said the Llanelli-based firm failed on 11 August and its clients should check to see if they were eligible for compensation.

A spokesman for the FSCS confirmed that at present, there were five open claims linked to The Financial Planning Practice, some of which were related to the British Steel Pension Scheme (BSPS).

According to Companies House the firm was incorporated in February 2003.

The firm entered compulsory liquidation in October 2022, so it "would not be subject to the section 404 redress scheme".

It was wound up on 13 December 2022 by The Official Receiver Of Cardiff with a liquidator Quantuma Advisory in Brighton appointed on 2 February this year.

According to the Financial Conduct Authority register the firm lost its authorisation on 23 June and while previously authorised by the regulator it "can no longer provide regulated activities and products".

Seven adviser and Financial Planning firms entered default in June and July including two with BSPS claims which were declared in default on 11 July.