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FSCS declares 24 firms in default

The Financial Services Compensation Scheme declared 24 firms in default in January and February, including several advice firms.

Cardiff-based Castle Court Consulting, PMI Independent Financial Advisers and Northern Ireland-based Kellands are among the advice firms declared in default.

Scottish firm Philpott Reed Partnership, Total Wealth Solutions and Kingsland Financial Management were also included in the list.

FSCS declares three Sipp firms in default

Mortgage and insurance providers are also included in the list.

In January, the FSCS declared self-invested personal pension operators Stadia Trustees, Brooklands Trustees and Montpelier Pension Administration Services in default. The lifeboat fund received around 150 claims for compensation relating to the three businesses.

Last month, the FSCS was preparing to declare Active Wealth, one of the firms that stopped giving pension transfer advice in light of the British Steel pension saga, in default.

Active Wealth went into liquidation in February and the FSCS said it will declare the firm in default and start to pay claims for compensation once it is satisfied it cannot pay claims itself.

FSCS corporate affairs director Alex Kuczynski says: “FSCS steps in to protect consumers around the UK when authorised financial services firms go bust. 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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  1. It would be mildly interesting to know the reasons for these firms defaulting on their liabilities. Is it that some of them have been overwhelmed by the excesses on their PII due to the number of upheld complaints against them or is it that they were engaged in certain activities for which they had no PII cover at all? If the latter, it points to yet another failure of regulation.

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