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Twelve advice firms make latest FSCS default list

The Financial Services Compensation Scheme has published its latest list of defaulted firms, with financial and investment advice firms accounting for more than half.

A total 12 advice firms are named on the list of 21 firms, along with London-based investment specialist Vantage Investment Group.

London-based adviser Sequant Capital Limited has been named on the list but is still registered as an authorised firm on the FCA Register. It also has current passporting agreements with 30 countries in the European Economic Area.

Adviser John Henry Moore of East Sussex is also on the FSCS’ list, along with Kent-based Susan Fleck Associates and Dorset firm Synergie Financial Planning.

Peterborough-based GD Tancred Limited has been declared in default, while the lifeboat fund will also pick up Worcestershire firm Magna Wealth Management and Birmingham-based TBO Investments.

Three firms in the North West and two in the North East are also on the list.

Why can’t the FCA stop rogue firms rising from the ashes?

The FSCS has placed York-based Premier Financial Solutions, Humberside firm Kennett Investment, Life & Pensions and Cheshire-based Pensionology UK into default.

Rounding out the latest list is Abrams Ashton & Co Financial Services in Blackpool and Lancashire-based Greg Smith Financial & Insurance Services.

The FSCS will place firms in default if it they have received at least one claim and is satisfied it is unable to return money to its client.

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  1. How interesting – No Banks No Insurance Companies No NAtional IFA’s or “umbrella companies – No auditors yet they have failed the Government and the consumers – yet carry on regardless. Pension Fraud Endowment Fraud PPI Fraud scandals which any other person or business would be castigated at best. The fine of some £900 M between the banks for their manipulation of bank interest rates their working together as Serious ORganised crime (Teamwork between banks which were supposed to be ” independent” Lloyds Halifax Bank of Scotland Scottish Wiodws – chinese walls and abuse of information just like the Insurance companies and the Cartel of Banks). Like A J Bel no regulation No Corporate Governance – no controls and no reprisal for the Victims of A J Bell or Banks etc.,

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