Trust Financial Planning Ltd enters liquidation

The FSCS protects consumers when financial services firms fail.  

It is the compensation scheme for customers of UK authorised financial services firms. It has eligibility criteria for the people and businesses who are covered.  

The FSCS cannot provide compensation for unregulated activities. The government decides which activities are regulated – these are listed in the Regulated Activities Order[5].

For eligible clients, the FSCS will cover custody assets and client money shortfalls up to £85,000, including the costs associated with their distribution back to clients.  

Visit the FSCS website for more information[6].

The liquidators will work with the FSCS to decide who is eligible for compensation and will provide further updates. 

Contact Begbies Traynor directly to log your status as a creditor and find out whether you have a claim.

If you’re owed money by Trust Financial Planning, the insolvency practitioners will assess your claim and rank your position among other creditors.

How much you get back depends on how much money is left within the firm.  

Any funds owed at the end of the process will be written off. 

Trust Financial Planning has not had permission to conduct investment activity since 1 March 2021.

Since that time, it has only had permissions to conduct insurance, mortgage and credit broking activities.

If you still have investments held by Trust Financial Planning, you should first contact Begbies Traynor.

You may also wish to seek professional advice.

If you believe you have a claim against Trust Financial Planning about a trust bond agreement, contact the liquidators.

The liquidators will take off costs associated with distributing client money and custody assets back to clients, including the liquidators’ fees.

Some clients can get compensation for these costs.

See above for more on FSCS coverage.

You should proceed with caution if you are approached by a claims management company[7] (CMC).

For most clients, there is no benefit in involving a third party in reclaiming your assets.

If you use a CMC to assist in the return of your assets, the CMC is likely to seek a fee. This may reduce how much you get back.

If you are considering using a CMC to help reclaim your assets, we suggest you discuss this with the liquidators first, using the contact details above.

Although Trust Financial Planning has applied to cancel its FCA permissions, it is currently still authorised by us and remains subject to supervisory oversight and our rules.

Trust Financial Planning remains subject to multiple voluntary requirements. The firm cannot conduct any regulated activity and is subject to an assets requirement.  

For the full list of restrictions, see the Financial Services Register[1].