London-based Portal Financial went into compulsory liquidation on 18 January following a string of complaints.

The FSCS said that the firm was previously under investigation but was declared in default in March as the first valid claim was upheld.

Nearly 300 claims had been received against the firm when it was declared in default, but that figure had climbed to 448 total claims by the start of this week.

Of those, 234 were successful, leading to compensation of more than £9.7m.

The figure is set to rise as 186 complaints remain in progress, according to the FSCS’s latest figures.

Some 28 claims were unsuccessful, although the FSCS did not specify the reasons.

The compensation body said that the majority of claims were pension transfer advice-related with “a very small number” connected to British Steel Pension Scheme (BSPS) transfers.

London-based Portal Financial first became authorised in 2009 and traded under a number of previous names.

It initially traded as Portal Financial Services LLP from 2009 to 2016, then used other trading names including Portafina and Portal Financial before returning to its original name in the last two years.