Pensions broker Daniel Stewart & Company plc has been declared in default by the Financial Services Compensation Scheme (FSCS), opening the door for investors to claim compensation.

Daniel Stewart & Company (FRN:145026) was first registered with the Financial Conduct Authority in December 1995.

The firm ceased went into administration in February 2019 and was dissolved in June 2021.

The firm changed its registered name in April 2000.

The FSCS said so far it has received 6 claims against the firm from individuals who believe they received unsuitable investment advice from them.

Three of the claims are in relation to SIPPs with the remainder for other forms of investment.

According to the FSCS one of the claims mentions Opes Distribution, a specialist introducer for sophisticated investors, which acted as an introducer for Daniel Stewart & Company.

For the claims four have complained via representatives, with the remaining two claiming directly to the FSCS.

Daniel Stewart & Company was formerly known as Oval Ltd and also traded at Daniel Stewart & Company Ltd.

The number of firms being registered as in default by the FSCS has dropped over the past couple of months. 

The FSCS declared five firms in default in June and July, in comparison to 11 firms in April and May.

The five firms declared in default in June and July included three advice firms: Cowley & Miller Independent Financial Services, Smith, Law & Shepherds and County Capital Wealth Management.

The 11 firms declared in default in April and May included four advice firms.

Sarah Marin, chief customer officer at the FSCS, said "In 2021/22, we helped 108,838 customers get back on track by either paying them compensation or enabling them to transfer to a new provider for their investment or insurance policy. While the number of firm failures has reduced, the total compensation amount is forecast to increase as claims volumes and values per firm rise."