Hanson Financial Partners (FRN529347), a Financial Planning firm based in the North East, was declared in default today by the Financial Services Compensation Scheme.
The move implies the firm cannot meet the full cost of claims against it and the FSCS will step in to pay compensation to ex-clients up to £85,000 per successful claim.
The FSCS, the industry levy-funded consumer safety net, said it had received four claims against Hanson Financial Partners Limited relating to advice in the Life Distribution, Pensions & Investment Intermediation sector.
One claim has now been upheld triggering the default declaration. None are BSPS related.
The firm was based at Boldon Business Park, Boldon Colliery, Tyne and Wear. Hanson said it offered all types of Financial Planning as well as advice on areas such as mortgages and equity release.
The company had some 27 regulated staff listed on the FCA Register as working for the firm, including managing director Christopher Thomas Kelly who is listed as CF1 director.
The firm was no longer authorised after October 2019.
During its existence the firm used a number of trading names including Hanson Wealth Management, Hanson Financial Partners Limited, Hanson Medical & Professional, Hanson Online and Police Federation Mortgages.
The firm also had two appointed representatives: Black & White Financial Services Ltd and HRC Innovative Financial Planning Ltd.
Earlier this week the FSCS declared two other adviser firms in default: Donre Advisory Limited (FRN: 513993), based in the City of London and formerly known as Basi & Basi Financial Planning Ltd, and MHMW1 Ltd, formerly M L Robinson Financial Advice Ltd (FRN 575253) which was based in Cwmbran, Gwent, Wales.