An IFA company in Chester that had connections to British Steel has been declared failed following an investigation by the FSCS.
Arrow Financial Services was dissolved on 22 June 2022 and placed under investigation on 24 April 2023.
The FSCS is looking into whether Arrow Financial Services engaged in any actions may have given rise to legitimate claims following their involvement in advising on British Steel pensions.
This company is no longer in business, according to the lifeboat fund, and anyone affected by pension losses they attribute to advice received from them may submit a claim to the FSCS.
It is one of several businesses linked to allegations involving the British Steel Pension Scheme, others we have highlighted in previous articles.
The FSCS told Professional Adviser that it has received four claims in total against Arrow Financial Services. One has now been upheld (triggering the default). The claims are pensions transfer advice related which follows the general theme of complaint regarding advice offered to British Steel employees on transfer.
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