PTC Financial Advice (Scotland) Limited (FRN: 816036), has been declared in default by the FSCS, the industry compensation safety net.

The FSCS said that it had received two claims against the Glasgow-based firm, both relating to SIPP advice.

It said one of the claims has been upheld which has trigged the default declaration.

The default declaration opens the door to the FSCS to pay compensation of up to £85,000 per claim to valid claimants.

The FSCS steps in usually when regulated firms fail and cannot pay compensation themselves.

Companies House records show that the firm was incorporated in March 2017 and the business provided financial intermediation.

The FCA Register reveals the firm was registered in March 2019 but lost its FCA authorisation in August 2021.

The firm was listed as having one director, Paul Thomas Crawford, who appeared to have named the firm after his initials.

Mr Crawford previously worked at national advice firm Quilter between 2013 and 2019 and prior to that had been employed by a number of financial firms including Royal London, Lloyds Bank, TSB.

The 57-year-old Falkirk man was the only director of the firm, according to Companies House records. The secretary was Caroline Crawford, who was listed at the same Falkirk address.

Its last accounts published in 2022 showed the firm had assets of £85,019, down from £158,528 the previous year. It had five employees in 2022, down from six in 2021.

Companies House records show the business was dissolved in August 2023.