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FSCS declares 16 investment and pensions firms in default

The FSCS has declared 16 investment and life and pensions firms in default, ruling that they cannot meet compensation claims against them.

The firms are listed among 34 companies declared in default, including mortgage brokers and general insurers.

Customers of those companies can now make claims for compensation to the FSCS, which is funded by an industry levy.

The following 16 firms, classified as life and pension or investments businesses by the FSCS, have been declared in default:

  • Ashley Investment Consultants; MCM Independent Financial Advisers
  • PSJ Financial Services
  • Results Financial
  • RTP Independent Mortgages & Financial Services
  • Blake Independent Financial Services
  • Angela Murfitt Financial Strategy
  • Hobson Financial Planning
  • Bervale Mead Insurance Brokers
  • City Equities
  • Martin-Watson Financial Management
  • Midland Commercial
  • Dolben Insurance Services
  • Abbey Brokers
  • Keep It Simple Financial Management
  • The Davidson Clifford Practice.

The mortgage brokers included are:

  • Central Mortgages and Loans
  • C&C Mortgages
  • Goldman Group (trading under various names)
  • Mortgage Rescue Limited
  • Blue Water Strowlands. 

FSCS head of communications Mark Oakes says: “We are appealing to anyone that believes that they may be owed money as a result of their dealings with any of these firms. Please get in touch with FSCS, as we may be able to help you.”

Derbyshire Booth managing director Greg Heath says: “Compared to the bad news we’ve had and some of the compensation payments seen it could be argued that things are getting better. But the one thing I do wish is that there was more done to stop these firms re-opening under another guise.”  

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Comments

There are 2 comments at the moment, we would love to hear your opinion too.

  1. I’m mildly curious to know what advice was given by the five mortgage brokerages that gave rise to customer losses so great that, in conjunction with their PII, they’ve been unable to meet their obligations.

    As for Keep It Simple FM, it’s hard to imagine any new FA practice choosing a name like that in this day and age ~ thanks to excessively prescriptive regulation, such an aspiration must surely have become an impossible dream.

  2. E L Wisty (an only twin) 20th December 2013 at 11:25 am

    It would be interesting to know which of these firms went to the wall as a result of being unable to meet their liabilities in respect of the CF Arch cru Consumer Review.

    I sincerely hope that MM will ensure that we are provided with full details of the total CF Arch cru liability shouldered by IFAs on behalf of Capita and the FSA. It is blood money and, while the total cost of the FSA’s iniquitous decision (in terms of ruined lives and businesses) will never be known, the regulator must not be allowed to claim that Capita’s paltry contribution is fair in any way.

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