West Yorkshire-based advice firm Your Mortgage Decisions Limited (FRN: 459763) has been declared in default by the Financial Services Compensation Scheme.
Your Mortgage Decisions was placed into administration in February 2024.
It attributed its decision to wind up to the impact of global events and the impact of the introduction of the new Consumer Duty by the FCA in its administration notice with Companies House.
The Consumer Duty, introduced in 2023, introduced a stronger set of consumer protection rules for advice firms to follow when dealing with customers, requiring firms to treat customers fairly at all stages of the customer journey.
The firm was originally founded as GB Home Loans in 2008.
The firm also previously traded under My Money Hive, BeeAssured, Lifetime Financfe and Access Equity Release.
It was also formerly an appointed representative of Sapphire Mortgage Advice.
A default declaration by the FSCS, the industry levy-funded safety net, is usually made when a firm is unable to meet outstanding claims against it. The declaration of default opens the door to ex-customers to claim up to £85,000 per successful claim from the FSCS.
The firm failed yesterday (26 August) with 14 claims, in relation to general investment, home finance and insurance, according to the compensation scheme. One claim has been upheld so far, triggering the default.
The firm is one of several former advice firms to be declared in default by the FSCS this month.
Essex IFA firm EB Securities Limited (FRN 478541) was declared in default on 14 August with one upheld claim in relation to general investments.
Norwich Financial Planning firm Signpost Financial Planning Ltd (FRN: 575237) was also declared in default this month by the FSCS with eight claims relating to general investments and SIPPs.