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FSCS declared Manchester firm failed over pension advice

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Manchester-based financial advice firm Ashworth Wealth, trading as Pension Advice Specialists, has been declared failed by the Financial Services Compensation Scheme (FSCS).

In a statement released on 26 March 2024, the FSCS confirmed that customers can make claims against the firm, despite it no longer existing.

The Lifeboat Fund has received 14 claims against Pension Advice Specialists regarding pension transfer advice, one of which has been upheld. The organisation has also confirmed that the claim was not associated with the British Steel Pension Scheme transfers.

According to the Financial Conduct Authority (FCA) register, Pension Advice Specialists was authorised in March 2018 but is now in an insolvency process.

The advice firm named Ashworth Wealth traded unsuccessfully from 2021 to 2022.

This latest move by the FSCS comes after it declared three advice firms - Abbey Lane Financial Associates, Aqua Financial Services (formerly Aqua IFA) and Fresh Financial Solutions - failed on 25 March.

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