Northants financial adviser firm Suber PCS LLP (formerly Chancery (UK) LLP) has been declared in default today by the Financial Services Compensation Scheme.
The firm (FRN 408069) was based in Towcester, Northants, and was involved in pensions and investment advice, according to the FSCS.
The FSCS said the firm was declared in default on 8 July. It said it has so far received 25 claims relating to general investment issues against the firm with one upheld, triggering the default declaration.
A default declaration by the FSCS, the industry levy-funded safety net, is usually made when a firm is unable to meet all the claims against it. It opens the door to ex-customers to claim up to £85,000 per successful claim.
According to the FCA Register the firm was registered in 2004 under the name Chancery (UK) LLP and remained under that name until May 2019.
On that date it was registered under the name Suber PCS LLP, but the Register reveals the firm lost its authorisation in June 2020.
The firm’s chief executive was Peter Nichols who began working at Milton Keynes-based appointed representative Chancery Independent Advisers Ltd in 1998. That firm lost its FCA authorisation in 2006.
Mr Nichols became chief executive of Milton Keynes-based Chancery Partnership Ltd in 2002, and remained until the firm lost its FCA authorisation in 2005. He became chief executive of Suber PCS LLP in 2005, according to FCA records, remaining until June 2020.
Companies House records show the firm Chancery UK LLP moved its registered office from Milton Keynes to Daventry, Northants in 2004 and in 2009 it moved back to Milton Keynes before switching to Towcester in 2014. It changed its name to Suber PCS LLP in 2014.
The firm appointed a voluntary liquidator in 2015 and the liquidator published its final report and account in September 2021, with the limited liability partnership (LLP) dissolved in February 2022.