The Financial Services Compensation Scheme (FSCS) has declared AXG Advice Ltd (FRN: 450813) as having failed.
The move opens the door to ex-clients with valid claims to seek compensation for losses from the FSCS of up to £85,000 per claim.
So far the FSCS has received 117 claims related to pension and SIPP advice, with the first upheld claim triggering the default on 2 May.
The Brighton-based financial advice firm used to trade as The Salmon Financial Partnership Ltd. It has also previously traded as Indigo 360 Advice, GSB Capital, and AXG Money and was first authorised in January 2006.
It specialised in offering financial advice services to expats.
AXG has previously had several restrictions placed upon it by the FCA.
In February 2022 the firm was restricted on accepting referrals from authorised introducers, banned form advising on DB transfers for customers under the age of 50, and was restricted from disposing of or transferring any assets without prior written consent of the FCA.
In April 2020 AXG was restricted from approving the content of any financial promotion for communication by an unauthorised person without the prior written consent of the FCA.
AXG is also no stranger to the Financial Ombudsman Service. In 2023 the FOS ordered the firm to pay compensation to a client over pension transfer advice.
The firm has applied to cancel its FCA authorisation since April 2024, but in the meantime remains authorised.
AXG has appointed Simon Jagger and Cameron Gunn of ReSolve Advisory Limited as joint administrators.
The firm has one active director, Gary Michael Day, who was appointed in November 2017 but now resides in Spain.
In July 2020 wealth manager AHR Private Wealth struck a deal to take of AXG for an undisclosed sum. At the time the deal was set to bring around £80m in assets to AHR. However, the deal never completed.
AXG began the process of creditors voluntary liquidation on 9 February 2024, with the company due to be dissolved on 11 July this year.
