FSCS website
North East-based financial advice firm PCM Asset Management Limited (FRN: 589116) has been declared in default by the Financial Services Compensation Scheme.
The failed firm was based in Morpeth in Northumberland.
The FSCS said the firm was declared in default yesterday (4 June) when the first claim against it was upheld. The claim is the only one received so far and was for pension advice provided by the firm. The claim is not BSPS related.
The FSCS decision opens the door to ex-clients of the firm to claim compensation of up to £85,000 per successful claim.
The FSCS is funded by an industry-wide levy.
The firm ceased to be authorised by the FCA after 15 March 2019 and was dissolved as a business on 7 January 2020 after a voluntary strike office notice, according to Companies House records.
The firm was authorised to carry out regulated business from 3 December 2012.
Philip Shaw was listed as the only CF1 director of the firm.
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