Recommendation agency Bartholomew Monetary Restricted has been declared in default by the Monetary Providers Compensation Scheme after going through 12 claims from ex-clients.
All 12 claims in opposition to the agency relate to pension switch recommendation, together with some British Metal Pension Scheme claims.
The FSCS resolution opens the doorways to purchasers of the agency to submit claims for compensation.
The agency was based by Dino and Georgina Bartholomew in March 2012, each of whom continued to personal the corporate on the time of liquidation.
Cardiff-based Bartholomew Monetary (FCA agency reference 596038) appointed a voluntary liquidator in April this yr. Earlier than liquidation the agency suggested on pensions, investments and insurance coverage.
On the time of liquidation, Bartholomew Monetary held roughly £127,700 in complete property obtainable for collectors, together with £9,000 of money held in a consumer account and £116,113 in a administrators’ mortgage account, based on filings with Firms Home.
The agency additionally had money owed of £63,000, leaving unsecured collectors with entry to round £64,000.
As at 20 April, Bartholomew Monetary had unsecured money owed of over £137,000, leaving the agency with a complete deficit of round £72,000.
The agency has appointed Birmingham-based Butcher Woods as its liquidator.
The agency is one in every of a number of advisers to be declared in default in current weeks because of British Metal Pension Scheme claims.
Latest recommendation agency failures with BSPS claims embrace Mercia Monetary Planning Restricted of Warwickshire (FRN 718251), FSP Restricted (FRN 607441) of North London, Bolton-based Smith, Regulation & Shepherds IFA Ltd and Birmingham-based County Capital Wealth Administration Ltd.
Dino Bartholomew additionally based a separate agency, Bartholomew Monetary Planning, in April 2021. This agency shouldn’t be linked to the present FSCS default.
Mr Bartholomew and Bartholomew Monetary Planning have been approached for remark.