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Advice firm among six declared in default by FSCS

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The Financial Services Compensation Scheme has declared six firms in default, with an advice firm and two mortgage businesses on the latest list.

Advice firms on the regist covering defaults in August include Newcastle-based Chadkirk Wealth Management.

The firm appeared to be a one-man band. Claims managers have already posted adverts regarding potential compensation over pension sales by the firm.

At least one Financial Ombudsman Service decision regarding advice around unregulated holdings in Sipps has gone against Chadkirk.

The two mortgage related firms are London-based Cain Lambert Limited formerly known PAR Capital Mortgages and Derbyshire-based The Man for Mortgages.

Other firms include Clearcredit Limited, Abbot Insurance Brokers and MML Administration Limited.

Customers from the failed firms could now be in line for FSCS compensation.

Since it began in 2001, FSCS has helped more than 4.5m people, paying out more than £26bn in compensation.

The FSCS is calling on affected customers to lodge claims.

FSCS chief corporate affairs officer Alex Kuczynski says: “FSCS steps in to protect consumers around the UK when authorised financial services firms go bust. This vital service, which is free to consumers, protects your deposits, investments, home finance and insurance. 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. Chadkirk, in default and with the FSCS, “appeared to be a one man band”. And the man appears to be one Mr Holland, formerly of Furness Financial Management which is… in default and with the FSCS.

    And before Furness he was at Blacks Financial, which is… in default and with the FSCS.

    Hmm.

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