The decision opens the door to ex-clients to claim against the firm.
The company so far has one claim against it which has been upheld triggering the FSCS default declaration this week. The claim relates to pension transfer advice but is understood not to be BSPS related.
The firm ceased being authorised in 2008.
The firm is the latest in a string of failed adviser firms to be declared in default this year, many of them due to pension transfer advice claims.
At least 23 advice firms have so far failed this year, according to FSCS records.
One of biggest failures this year to date has been pension transfer adviser Portal Financial Services (FRN 501272) which was declared in default by the FSCS with nearly 300 claims against it.
Portal Financial went into compulsory liquidation on 18 January following a string of complaints.
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