Home Financial Planning FSCS pays out £9.7m on failed pension switch adviser

FSCS pays out £9.7m on failed pension switch adviser

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FSCS pays out £9.7m on failed pension switch adviser

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The Monetary Companies Compensation Scheme has up to now paid out simply over £9.7m on 234 profitable claims in opposition to failed agency Portal Monetary Companies LLP, previously Portafina LLP (FRN 501272).

London-based Portal Monetary went into obligatory liquidation on 18 January following a string of complaints.

The FSCS mentioned that the agency was beforehand underneath investigation however was declared in default in March as the primary legitimate declare was upheld.

Almost 300 claims had been acquired in opposition to the agency when it was declared in default, however that determine had climbed to 448 complete claims by the beginning of this week.

Of these, 234 had been profitable, resulting in compensation of greater than £9.7m.

The determine is about to rise as 186 complaints stay in progress, in line with the FSCS’s newest figures.

Some 28 claims had been unsuccessful, though the FSCS didn’t specify the explanations.

The compensation physique mentioned that almost all of claims had been pension switch advice-related with “a really small quantity” linked to British Metal Pension Scheme (BSPS) transfers.

London-based Portal Monetary first turned authorised in 2009 and traded underneath quite a few earlier names.

It initially traded as Portal Monetary Companies LLP from 2009 to 2016, then used different buying and selling names together with Portafina and Portal Monetary earlier than returning to its authentic identify within the final two years.




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