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FSCS pays out £21m for failed network Alpha 2 Omega

The Financial Services Compensation Scheme has paid out £21.2m in claims relating to failed adviser network Alpha 2 Omega.

The FSCS says this relates to 870 claims against the firm.

Alpha 2 Omega was placed into administration in January 2010, after the FSA suspended the network from all regulated activities over concerns around its compliance arrangements.

The firm had 50 appointed representatives at the time it was placed into administration.

In April 2011, the FSCS said it had received 350 claims against Alpha 2 Omega.

A spokeswoman for the FSCS says it is seeking recoveries from the network’s administrators but is yet to receive any dividend. 

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