The Financial Services Compensation Scheme (FSCS) has declared Glasgow based advisory firm Broadfoot, McKee and Hamilton (BMH) in default.
A declaration of default is made when the FSCS is satisfied that a firm cannot meet any eligible claims made against it. This now means that claims can now be brought against the firm, to the FSCS, the industry’s lifeboat fund.
BKH, which has not been authorised by the Financial Conduct Authority in relation to advice services since 2015, traded under the style of Professional Financial Services, RIAS PFS and Fineholm Financial Services whilst active. Its partners included Alexander Broadfoot, Douglas William Jones, Robert William Hamilton and James Alexander.
The FSCS has confirmed that five claims have already been upheld against BMH in respect of pension and investment advice it provided.
