If a regulated financial firm is no longer trading, and therefore unable to meet any claims themselves, then the FSCS is able to step in and pay that compensation.
The firms which went bust included West Wales Financial Services, which traded as IWA Financial Solutions and Mike Powell Mortgages, which was based in Cross Hands, Carmarthenshire, in Wales.
Acklam Financial, a financial planning and mortgage advice firm in Middlesbrough, has also gone out of business according to the FSCS.
The remaining firms to go bust include:
- A. W. Dallas Financial Services Ltd, which traded as Portfolio Pension Consultancy, and was based in Swansea
- Armstrong Campbell LLP in Newcastle
- Border Cars (Dumfries) Ltd, which traded as BC Motorhomes, BCM, BM Services and Border Cars in Dumfriesshire
- Broadlands Partnership Ltd, which traded as Manning Gee Investments, in Vale of Glamorgan
- Fortuna Wealth Management Ltd, previously Fidelis Wealth Management Ltd, AWG Financial Ltd, in Wolverhampton, WV5 9HR
- Independent Benefit Consultancy Ltd, based in Glasgow
- Lifestyle Financial Consultancy Ltd, based in Herefordshire
- MCE Insurance Company Ltd in Gibraltar
- Meyado Private Wealth Management London Ltd, formerly Berkshire Financial Advisers Ltd, based in London
- Network Direct Limited from Hampshire
- Retirement & Pension Planning Services Ltd, based in South Yorkshire
- Spires Independent Ltd, which traded as Paladin, Tony Castrey Wealth Management, from Staffordshire
- Tramway Financial Management Ltd, based in Warwickshire
- Will Insurance Services Ltd, based in London.
Caroline Rainbird, chief executive at the FSCS, said: “We know it’s stressful when a financial firm stops trading but owes you money. That’s why we have specially trained claims handlers who are here to assist you through every step of the process, and we’ll keep you up to date with our progress. In the 2020/21 financial year we helped more than 52,000 customers get back on track – by either paying them compensation or enabling them to transfer to a new provider for their investment or insurance policy.”
