FSCS pays out £9.7m on failed pension switch adviser

The Monetary Providers Compensation Scheme has up to now paid out simply over £9.7m on 234 profitable claims towards failed agency Portal Monetary Providers 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 beneath investigation but was declared in default in March as the first valid claim was upheld.

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

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

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

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

The compensation physique mentioned that almost all of claims have 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 beneath a lot of earlier names.

It initially traded as Portal Monetary Providers 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.