The Financial Services Compensation Scheme has declared Mark Peter Houlbrook in default.
The West Yorkshire-based firm trading as Thorn Investment and Pension Services was dissolved in July 2021, according to Companies House.
When looking at the FCA Register it shows the firm has not been authorised since July 2020.
The lifeboat scheme told FT Adviser it has received three claims against the firm, one relating to Sipps and the others to pension transfers, with two rejected and one upheld.
This comes after the FSCS revealed it paid out £423mn in compensation to consumers during 2023/24.
In its annual report the lifeboat scheme revealed it recovered £54mn from failed firms which the majority was used to offset FSCS levies for firms.
It also highlighted paying compensation to customers who had experienced losses from 447 different authorised financial services firms, including the 51 the FSCS declared in default during 2023/24.
At the time, Martyn Beauchamp, interim chief executive, said compensation claims were becoming “more complex”.
“In 2019, 31 per cent of our claims were what we’d class as straightforward to deal with, mainly mis-sold PPI. That number is now approximately 5 per cent.
“Meanwhile, the proportion of more complex claims, mainly linked to customers’ retirement savings, has increased from around a third to two-thirds of our claims workload. This has resulted in the amount of evidence we receive per claim increasing by 89 per cent since 2021/22,” he added.
alina.khan@ft.com
