The Financial Services Compensation Scheme (FSCS) has announced that IFA Ltd, a Leeds-based advisory firm operating as Cowburn Milner & Company, and AXG Advice, previously known as the Salmon Financial Partnership, have been declared in default.

According to the Financial Conduct Authority (FCA) register, IFA Ltd has lacked authorisation since February 2013. The FSCS marked it as defaulted on Thursday, 1st May 2025. The scheme reported to Professional Adviser that it has processed and approved one claim against IFA Ltd, concerning pension advice unrelated to the British Steel Pension Scheme (BSPS).

The FSCS stated, “IFA Ltd, trading as Cowburn Milner & Company, is no longer operational, meaning you may be eligible to submit a claim against them.” It noted that claimants must provide specific documentation to support their cases.

In a separate case, London-based AXG Advice was declared in default on Friday, 2nd May 2025, following the approval of its first claim. The FSCS disclosed receiving 117 claims tied to pension and self-invested personal pension (SIPP) advice, none of which are linked to BSPS.

Companies House records furthermore reveal that AXG Advice, established in January 2006, has overdue accounts and confirmation statements and is currently in liquidation. The FCA register indicates the firm is under insolvency proceedings with restrictions imposed, having applied to cancel its authorisation in April 2024 after being regulated since 2006.

If you’ve been impacted by any of the companies featured in the news, we invite you to book a free 15-minute consultation with one of our dedicated claims support advisors. They’ll guide you through the steps needed to explore and pursue your potential claim.