The Financial Services Compensation Scheme is investigating two failed adviser firms, including one hit with claims over SIPP advice.

The two firms are:

• Maymont Wealth Limited (formerly GWM Investment Management Limited, Discover Wealth Limited, Guardian Lifestyle Mortgages Limited, Keystone Independent Limited) (FRN 629098). The FSCS has received seven claims relating to pension transfer and SIPPs advice given by the firm. All of the claims are still in progress.

• Cheshire Trafford U.K. Limited (formerly Cheshire Trafford (Yorkshire) & Co. Limited) (FRN 115194). The FSCS has received four claims against the firm relating to pension transfer and investment advice. All of the claims are still in progress.

The FSCS said that there was no indication that the claims were related to pension transfer advice given to British Steel Pension Scheme (BSPS) workers.

Maymont Wealth Limited was London-based and went into liquidation in 2015. The FCA lists 12 individuals who worked for or were connected to the firm. The firm had five previous trading names.

Maymont was subject to an asset restriction in April 2021 when it was ordered not to sell or transfer any assets or funds away from the company without the prior written consent of the FCA.

Cheshire Trafford U.K. was based in Ashford, Kent. The firm has not been authorised since 27 January this year when its authorisation was cancelled by the FCA when it went into administration. The FCA register lists 36 people previously connected to or working for the firm.