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FSCS declares 42 firms in default

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The Financial Services Compensation Scheme has declared 42 firms in default, 28 of which are investment and life and pension firms.

The list of 42 firms also includes seven mortgage brokers.

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

The following 28 firms, classified as investment or life and pensions businesses by the FSCS, have been declared in default:

  • Standrings
  • Montpelier Financial Services
  • CPC Wealth Management
  • Bonham Wealth Management
  • Financial Professional
  • Legacy Wealth Management
  • Pentyre Investments
  • Matthew Round & Co
  • Hewitt & Harris Wealth Management Solutions
  • Presto Planning
  • Planned Exit
  • Archer Bramley
  • Asquith Hart Financial Management
  • Michael Mallen Associates
  • Hightree Financial Services
  • Newman Wright Financial Advisors
  • Select Financial Solutions
  • Provision Financial Consultants
  • Davinci Wealth Management
  • First Action Finance
  • W.P.L.C Financial Consultants
  • Avidity Wealth Management
  • The Joseph Bevan Partnership
  • CP Asset Management
  • Crisp Financial Services
  • Central Investment Services
  • The Mortgage Market
  • E David Roberts and Co

FSCS head of communications Mark Oakes says: “FSCS protects consumers around the UK when authorised financial services firms cease trading.”

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Comments

There are 6 comments at the moment, we would love to hear your opinion too.

  1. Could it be possible to make it clearer that clients can make claims for compensation IF they have been mis-sold products from these companies, not simply because they have closed?

  2. I think the point is that they have closed because they cannot meet the claims liabilities that have already been made against them.

  3. One of the firms is called ‘Planned Exit’….really?

  4. Having a claim levelled at you does not automatically denote guilt, not in this the golden age of opportunism.

  5. It would be interesting to know the reasons for these 42 firms having been declared in default. On the basis that not all of them were overwhelmed by upheld complaints about failed unregulated investments for which they had no PII cover, one assumes they must have suffered a large number of upheld complaints about advice on regulated investments and it was the accumulation of excesses that sunk them.

  6. 28 + 7 = 35. What are the other 7, stockbrokers, networks…? Just curious.

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