If the firm that advised you has gone out of business, the FSCS exists to pay compensation in their place. Up to £85,000 per firm — and you may have claims against more than one firm.
Start my free assessment →Most DB pension transfers involved three separate regulated parties: (1) the adviser who recommended the transfer, (2) the Pension Transfer Specialist (PTS) who signed off the suitability report, and (3) the SIPP operator that accepted the transfer.
If more than one of these has been declared in default by the FSCS, you may have a separate £85,000 claim against each. Three defaulted parties = potential FSCS recovery of up to £255,000 before Route 4 applies. Our assessment identifies every party in your chain automatically.
The FSCS formally declares a firm in default when it determines the firm cannot meet claims against it. This opens the FSCS claim window. Many firms are in default now — check our firm pages.
We compile your full FSCS application — evidence bundle, loss calculation using FCA DISP Appendix 4 methodology, and supporting documentation. We submit on your behalf.
The FSCS investigates the advice you received and calculates your compensatable loss. The assessment is based on the same FCA methodology we use in our initial estimate.
The FSCS pays compensation directly into your bank account. We then invoice you for our agreed success fee. If the FSCS rejects your claim or awards less than expected, we review and advise on next steps.
The FSCS uses FCA DISP Appendix 4 methodology for DB transfer cases. The calculation compares what your final salary pension would be worth today against the current value of your SIPP or personal pension. The difference is your compensatable loss — subject to the £85,000 cap per firm.
For a 10-year DB pension with a final salary of £32,000, the typical compensatable loss at current gilt yields is approximately £32,000–£52,000. If gilt yields fall, this figure rises significantly.
The FSCS claim window opens when a firm is declared in default. But the FOS time limits on the underlying advice run separately and may impose tighter deadlines. For firms recently declared in default (Heritage Pensions April 2026, Gaudi March 2026), the FSCS claim window is newly open. For older defaults, check both sets of time limits.
Find out if you have an FSCS claim — and how many
Start my free assessment →Takes under 3 minutes · No obligation · We will never cold-call you
You can complain directly to the firm, or refer to the Financial Ombudsman Service (FOS) or FSCS — both completely free. If you use the free routes, you keep 100% of any compensation awarded.
| Redress received | Max % | Max fee |
|---|---|---|
| Up to £1,499 | 30% | £420 |
| £1,500–£9,999 | 28% | £2,500 |
| £10,000–£24,999 | 25% | £5,000 |
| £25,000–£49,999 | 20% | £7,500 |
| £50,000 and above | 15% | £10,000 |
Compensation is paid directly to you. We invoice after you receive your compensation. You pay nothing if unsuccessful. Source: FCA PS21/18 (Chapter 2, Table 1) & CMCOB 5.2. Excl. VAT.
If you sign a client agreement with us, you may cancel it within 14 days without any charge or obligation. No questions asked.
Contact us at complaints@redressadvisory.com. If we cannot resolve your complaint you may refer it to the Financial Ombudsman Service free of charge within 6 months of our final response.