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FSCS declares further 18 advisory firms in default

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  • 22/10/2013
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FSCS declares further 18 advisory firms in default
The Financial Services Compensation Scheme (FSCS) has declared a further 18 advisory firms in default.

The scheme has already started paying compensation to clients of the defaulted firms and asked all remaining eligible claimants to come forward.

Head of communications Mark Oakes said: “FSCS was established to protect consumers when authorised financial services firms go bust, and it covers the full range of financial services.

“If anyone believes that they may be owed money as a result of their dealings with any of these firms, please get in touch with FSCS, as we may be able to help you.”

The defaulted firms, which advised on investments, life insurance, mortgages or pensions were:

  • North West Mortgages
  • Whitehall Financial Independent
  • Carterbar Holdings
  • SAJ International
  • Bowyer Styles & Co
  • FC Realisations Limited formerly Fradley Croft 
  • Investrac Wealth Management (formerly McKechnie Byles & Dawes)
  • The Redwood Partnership
  • Ager Financial Services 
  • Campbell Montague International 
  • Portfolio Financial Services
  • Bayliss & Company 
  • County F.S.
  • London Asset Management (formerly Regent Cavendish)
  • Professional Financial Management
  • Sutton and Shephard (formerly Berkeley Associate & Co)
  • Kingdom Asset Management 
  • P3 Wealth Management Limited

The defaults follow the 14 advice firms declared in default by the scheme in July and the 13 firms in June.

Since its inception in 2001, the FSCS has compensated more than 4.5m people, paying out more than £26bn in compensation.

In order to pay compensation the FSCS has to be satisfied that a firm is ‘in default’, meaning it does not have sufficient assets to meet claims and has received at least one claim.

 

 

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