The Financial Services Compensation Scheme has declared Staffordshire-based Pro-Synergy Wealth & Tax Management Ltd in default.
According to Companies House the firm is in liquidation with the FCA register showing it has not been authorised since 2020.
The lifeboat scheme told FT Adviser it had received 11 claims in total against the firm.
One of the claims had been upheld and 10 were rejected all regarding investment advice.
This comes after the FSCS placed London-based City & Merchant Ltd under investigation after it entered liquidation.
The firm provided corporate finance advice, fund management and trading services and had restrictions placed on it by the FCA in June 2024.
The FSCS opened to customer claims on September 13 but it said the claims would not be immediately passed on to the claims processing teams for assessment.
This is because the lifeboat scheme will be investigating the firm to determine whether claims meet the qualifying conditions for compensation which it said may take some time.
alina.khan@ft.com
