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FSCS declares 28 firms in default

The FSCS has declared 24 investment firms and 4 life and pensions firms in default. 

A firm is declared in default when the FSCS believes it cannot pay claims for compensation.

20Twenty, a firm forced to fold last year after losing a £2.6m FOS claim, has been included on the list. 

The FSCS list also includes Shirebrook Financial. The firm’s assets were acquired by Perspective subsidiary Shirebrook Wealth in 2011. 

The compensation scheme has paid out £26bn since being set-up in 2001. The investment adviser levy has been set at £112m for 2014/15.

Firms declared in default include:

  • Broadbent Mawson
  • Shirebrook Financial Services
  • TFP Wealth Management
  • Abacus Investment Management
  • KPM Financial Planning
  • MWM Investment
  • Pilgrim Trustee Services
  • Staverton Wealth Management
  • E Amos and J Dainty
  • Unwin Financial Services
  • Crawford Scott
  • Beacon Financial
  • First Choice Olympic
  • Fraser Financial
  • Lifetime Financial Services
  • Michael James Financial Services
  • Morgans Independent Advisers
  • John Dixon Insurance Centre Financial Services
  • The Colchester Mortgage Centre and Building Society Shop
  • Trinity House
  • 20Twenty Independent
  • Copeland and Co
  • Genesis Insurance
  • BSO Independent
  • PTP Financial
  • Professional Financial Consulting
  • Protection Plus
  • Pure Options Solutions



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There are 9 comments at the moment, we would love to hear your opinion too.

  1. What the public don’t realise is that they pay for this.

  2. My latest FCA Invoice would suggest otherwise Sean. This has been itemised to show clearly the amount owed by my company in respect of the FOS and the FSCS Levy for the next year. The invoice is clearly addressed to my company and not the public. Is there a body to whom I can complain in order to get the public to reimburse me?

  3. What I meant was that our clients don’t realise they are subsidising the clients of these businesses.

  4. OK How much do you want and when do you want it? I need to know so that I can adjust my fees.

  5. Oh and why on earth is that woman in the FSCS picture grinning like an idiot? Is she on commission?

  6. Hi Harry; she is smiling to get your attention while the FSCS/FCA bloke behind you is getting ready to lift your fat wallet, out of your back pocket !

    Its an age old con, that we just keep falling for !

  7. I suspect that there is an issue with how you put things grammatically Sean, unless you are publicly whistle blowing against your company for non-disclosure.

  8. No sign of LloydsTSB on the FSCS list ? Why not ? It is recognised they are dragging their feet ( and their Payouts ) against their PPI claims ? Perhaps the FSCS could become more open – rather than highlighting smaller firms bring to the markets attention ALL EVADERS, and ALL INSOLVENT FIRMS after RDR – and the Predators . . .and predator . . . mentality of dysfunctional – deceitful – and the dodgy Banks ?

  9. Methinks Russell that you are overthinking Sean’s comment. I know what he meant and yes, every regulatory cost is indirectly a burden upon our clients, who are members of the public…Is that OK? Not as punchy as the way Sean put it, but I hope it helps?!

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