FSCS declares Newport pension adviser in default
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The Monetary Providers Compensation Scheme has declared pension adviser Thomas Monetary Restricted (FRN 473555), based mostly in Newport, Gwent, in default.
The transfer opens the door to purchasers claiming compensation.
There have been two claims towards the agency to this point – one rejected, one upheld and triggering the default, the FSCS mentioned.
Each claims had been for pensions recommendation, with the upheld declare for a pension switch.
Because the agency has failed the FSCS has stepped in because the enterprise is unlikely to have the ability to meet any claims itself.
The agency had been energetic since 2007 and in addition traded below the names Steve Thomas Monetary Providers, Chepstow Monetary Providers and Any Mortgage Issues.
It had additionally beforehand traded below the identify Non-public Planning Options.
The director of the agency was Stephen Glyn Thomas, a member of the Chartered Insurance coverage Institute who’s a former funding adviser with Quilter Monetary Planning Options.
Based on the FCA Register, Mr Thomas has additionally extra not too long ago labored for True Potential Wealth Administration.
FSCS safety covers cash held in banks, constructing societies and credit score union accounts. The FSCS additionally protects insurance coverage, investments, mortgage recommendation and arranging, debt administration and funeral plans.
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