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Compensation scheme defaults 16 IFA firms

The Financial Services Compensation Scheme has declared 16 IFA firms in default.

The firms are: ATA Financial Services of North Shields, Tyneside; Bowland Financial Management (in liquidation) in Nelson, Lancashire; Donne Insurance & Financial Services, Leeds; Richard Matkin, formerly trading as Albion Investment Management, Sunderland; Tony O&#39Neill Insurance Brokers, Macclesfield, Cheshire; Breckland Insurance Brokers, Brandon, Suffolk; Heartland Independent Advisers, Birmingham; Pharos Financial Services, Dover; Bureau of Corporate & Executive Planning, Weston-super-Mare; Clive Lewis & Partners, Frome; P&R Insurance Services, Swindon; Buckingham Personal Financial Planning, Kent; Darley Financial Services, Kent; Canworth Financial Services, London W13; Cradock Financial Services, London SW1 and North London Insurance (Life & Pensions) Consultants, London N11.

The FSCS says limits on individual claims stand at £48,000 and it urges any consumers who feel they are owed money to contact it.

Interim chief executive Ron Devlin says: “The scheme plays an important role in providing a fund of last resort for consumers who have lost money and who have nowhere else to turn.”

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