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FSCS declares three more advice firms in default

The customers of five firms declared in default last month will be in line for compensation, the Financial Services Compensation Scheme has said.

Three advice firms are on the lifeboat fund’s default list for September: London-based J. Soussan, Kent firm Foreman Financial Services and The Financial Factory in northern Belfast.

Hertfordshire-based mortgage adviser, Independent Mortgage Advice Bureau and London-based Cygnus Investment Management have also been declared in default.

FSCS chief corporate affairs officer Alex Kuczynski says those serviced by the five failed firms should check if they coudl be entitled to compensation.

FSCS hit with more than 300 claims over collapsed Sipp provider

He 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.”

More than £26bn in compensation has now been paid out by the FSCS since 2001 when the organisation started.

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  1. So firms are on the default list, but does that automatically mean the advice they provided is wrong, or are the 2 naturally linked?
    Adviser will not be able to contest any complaint as they are deemed to have default, so probably no representation

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