Norwich Financial Planning firm Signpost Financial Planning Ltd (FRN: 575237) has been declared in default by the Financial Services Compensation Scheme.
The FSCS said it had received eight claims relating to general investments and SIPPs, with one claim upheld triggering the default declaration.
A default declaration by the FSCS, the industry levy-funded safety net, is usually made when a firm is unable to meet claims against it. The declaration opens the door to ex-customers to claim up to £85,000 per successful claim.
Signpost Financial Planning was incorporated in November 2011 and registered with the FCA in May 2012. According to Companies House records it was involved in “Activities auxiliary to financial intermediation not elsewhere classified.”
The FCA Register shows the firm had one director Nigel McTear, 64, of Attleborough Norfolk. According to Signpost's former website Mr McTear had worked in financial services since 1985, holding roles with Provident Mutual, Scottish Provident and Zurich Financial Services. The site said he was a Fellow of the Personal Finance Society, a Fellow of the Institute of Financial Planning and a Certified Financial Planner.
The firm had an appointed representative in London-based business My Legacy (Services) Ltd, which was registered with the FCA from December 2012 to January 2020.
The firm went into creditors voluntary liquidation in September 2020 with Norwich liquidators appointed. A summary of assets published at that time showed the firm had an estimated £58,785 in total assets available for creditors, made up of £39,486 in the bank, trail income of £2,000 and an estimated goodwill of £16,000.
The liquidators reported that a sale of the regulated part of the business was completed in August 2020 for £109,000, before they were appointed. The liquidators report also revealed that the firm owed £74,513 to HMRC at the time of its liquidation.
The firm was finally wound up in January 2026.