FSCS investigates BSPS adviser Niche

The Financial Services Compensation Scheme has launched an investigation into Newport-based Niche Independent Financial Advisers Ltd (FRN: 472635). Niche is one of the advice firms associated with claims connected to the British Steel Pension Scheme (BSPS). The FSCS said it was unable to share claims figures as Niche has not yet been declared in default, although is encouraging anyone who may have valid claims against Niche to come forward. It said: “We are open for customers to make claims, and currently assessing these to see if there are any valid claims, and if the firm can’t meet these itself.” The FSCS said that Niche Independent Financial Advisers Ltd stopped trading earlier this month, going into liquidation last Friday 26 May. According to the FCA register, Niche was registered in September 2007 and authorised from November 2007. It also traded under the name Niche IFA until February 2019 when it began also trading under the name Niche Pension Specialists. Its executive director is Ray Adams who was previously an investment adviser at Quilter Wealth between 2005 and 2007 and before that worked at Wesleyan Assurance Society. In 2017, many British Steel workers were advised to transfer out of their defined benefit pension into a defined contribution pension such as a Personal Pension Plan or a Self-Invested Personal Pension (SIPP). The FSCS said that by transferring to a private pension arrangement, they would have lost the benefits already built up in the British Steel Pension Scheme and that it may not have been realistic to achieve the same level of benefits from their new plan. Several financial advice firms have found themselves caught up in the BSPS scandal. Earlier this month the FCA censured Quilter-owned Lighthouse Advisory Services Limited for serious advice failings in relation to the British Steel Pension Scheme which resulted in £23m paid in redress to clients, some of them pension transfer clients. It also launched an investigation into launched an investigation into Newport-based Prism Independent Financial Advisers this month. Last month the FSCS launched an investigation into Chester-based pension adviser Arrow Financial Services UK Ltd, trading as Arrow Asset Management (FRN 528826).

FSCS investigates BSPS adviser Niche

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