All 12 claims against the firm relate to pension transfer advice, including some British Steel Pension Scheme claims.

The FSCS decision opens the doors to clients of the firm to submit claims for compensation.

The firm was founded by Dino and Georgina Bartholomew in March 2012, both of whom continued to own the company at the time of liquidation.

Cardiff-based Bartholomew Financial (FCA firm reference 596038) appointed a voluntary liquidator in April this year. Before liquidation the firm advised on pensions, investments and insurance.

At the time of liquidation, Bartholomew Financial held roughly £127,700 in total assets available for creditors, including £9,000 of cash held in a client account and £116,113 in a directors' loan account, according to filings with Companies House.

The firm also had debts of £63,000, leaving unsecured creditors with access to around £64,000.

As at 20 April, Bartholomew Financial had unsecured debts of over £137,000, leaving the firm with a total deficit of around £72,000.

The firm has appointed Birmingham-based Butcher Woods as its liquidator.

The firm is one of several advisers to be declared in default in recent weeks as a result of British Steel Pension Scheme claims.

Recent advice firm failures with BSPS claims include Mercia Financial Planning Limited of Warwickshire (FRN 718251), FSP Limited (FRN 607441) of North London, Bolton-based Smith, Law & Shepherds IFA Ltd and Birmingham-based County Capital Wealth Management Ltd.

Dino Bartholomew also founded a separate firm, Bartholomew Financial Planning, in April 2021. This firm is not connected to the current FSCS default.

Mr Bartholomew and Bartholomew Financial Planning have been approached for comment.