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Advisers dominate latest FSCS default list

The Financial Services Compensation Scheme declared eight firms in default in May, including advice firms from Wales, Yorkshire and the Midlands.

The firms on the list include Welsh adviser Grosvenor Butterworth, West Midlands advisers Lifeboat Financial Advisers and Platinum Independent Advisers and London-based Argent Personal Finance Managers.

Also on the list are Yorkshire firms Alliance Independent Financial Advisers and Leeds & York Financial Services.

FSCS pays out £5.7m compensation to Strand Capital customers

Hertfordshire business Hillyard Financial Consultants (UK) and Southport-based EBA.

Customers of the eight firms could now be eligible to claim for compensation.

FSCS chief corporate affairs officer Alex Kuczynski says: “We want anyone who believes they may be owed money as a result of their dealings with any of these firms to get in touch as we may be able to help you.”

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There are 3 comments at the moment, we would love to hear your opinion too.

  1. That will always be the case that it is the small adviser who defaults

    • Exactly. And this is trend set to continue, especially with PI insurers ramping up policy excesses by massive amounts for certain classes of business. Of what value is a £20,000 Cap Ad requirement in the face of an excess of £100K in respect of, for example, DPB transfers? Just one upheld complaint is almost guaranteed to obliterate any small firm and possibly a fair few medium sized ones.

      And most firms have no PII cover AT ALL in respect of selling UCIS, about which Andrew Bailey has said that the FCA isn’t particularly bothered. What kind of regulator is that?

  2. So Platinum Independent Advisers was not gold plated.

    And Lifeboat has sunk!

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