Peter Kettell IFA (FRN: 209563), an adviser firm based in Sheffield, has been declared in default today by the FSCS, the industry compensation safety net.

The FSCS said that it had have received two claims against the firm relating to insurance, pensions and investment advice.

One of the claims has now been upheld which has trigged the default declaration.

The default declaration opens the door to the FSCS to pay compensation of up to £85,000 per claim to valid claimants.

The FSCS steps in usually when regulated firms fail and cannot pay compensation themselves.

Peter Kettell was registered as the only regulated individual at the firm which ceased to be authorised on 10 June 2011, 14 years ago.

Mr Kettell was listed as having responsibility for compliance oversight, investment advice and CF30 customer duties. The firm was based in Worrall, Sheffield, South Yorkshire.

Earlier this week the FSCS declared a Scottish adviser firm in default after it appeared that insurance premiums, and potentially investment contributions, were not being passed on to providers.

The firm, Arthur Temlett trading/as Abacus Insurance Consultants, was declared in default by the FSCS. The FSCS declared Arthur Temlett t/a Abacus Insurance Consultants (FRN 118204) in default after receiving 24 claims, relating to insurance, pensions and investments. One claim has now been upheld triggering the default declaration. 

The FSCS and Police Scotland are investigating the company after allegations that insurance premiums and potentially investment contributions were not being transferred to providers.

In its latest update on Arthur Temlett, the FSCS said that it had assessed a claim for an insurance policy that “does not exist” as eligible for compensation.