Leeds-based adviser IFA Ltd, trading as Cowburn Milner & Company Limited (FRN 433928), has been declared in default by the Financial Services Compensation Scheme.

The default declaration by the FSCS opens the door to ex-clients with valid claims to seek compensation for losses from the FSCS of up to £85,000 per claim.

The move means the firm is unable to pay claims itself.

The FSCS said this week it had so far received one claim against Cowburn Milner relating to pension advice. It added that the claim was not related to the British Steel pensions scandal.

The firm was declared in default on 1 May when the first claim was upheld, the FSCS said.

According to the FCA Register, IFA Ltd was registered with the regulator in November 2005. The register reports that the firm lost its authorisation in February 2013.

Companies House records show the firm was incorporated in May 1994 and had its registered office address in Wigan. It was known as Cowburn, Milner and Company until June 2000.

Its last accounts were published in 2014 and it was dissolved in February 2015.

It had been led by Trevor Cowburn, whose wife Lyn acted as finance director, with both resigning from the firm in August 2010.

In an update published on the firm earlier this month, the FSCS said: “IFA Ltd, trading as Cowburn Milner & Company Ltd is no longer trading, so you may be able to make a claim against them.”