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Mortgage broker among firms declared in default

  • 08/02/2022
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Mortgage broker among firms declared in default
A mortgage brokerage based in Walsall is among a dozen firms which have been declared in default by the Financial Services Compensation Scheme (FSCS).

Midland Independent Financial Services, which was based in Cannock and formerly traded as The Mortgage Shop, has now gone out of business according to the financial industry’s lifeboat scheme.

As a result, former customers who believe they were owed money by the business may now be able to claim compensation from the FSCS.

The news follows two mortgage brokers being declared in default in December.

The other businesses named by the FSCS as having gone into default are:

  • All Flintshire Credit Union, which was based in Flintshire.
  • Argent Wealth Limited, which traded as Orchard Financial Planners, Morley James Asset Management, and was based in Houghton le Spring.
  • Channel One Financial Planning LLP, which traded as Channel One Financial Services, and was based in Leeds.
  • Financial Planning Solutions (UK) Limited, based in Bristol.
  • Foresight Financial Services Limited, which was based in Swansea and traded as Foresight.
  • FT Stockbrokers Limited, based in Egham.
  • Hamilton Rose Wealth Management Limited, which traded as Athena Wealth and, and was based in Mansfield.
  • PWH Financial Planning Limited, which was based in Leeds and traded as WGN Wealth Management.
  • PWM Advisers Limited, which was based in the Scottish Borders.
  • South Coast Trade Centre Limited, based in Fareham.
  • The Energy Advisory Centre Limited, based in Glasgow.

Sarah Marin, chief customer officer at the FSCS, commented: “FSCS’s protection increases consumer confidence when buying financial products and services, and our compensation helps put customers back on track if firms should fail.

“We encourage customers to claim directly with FSCS via our website, which provides the easy-to-use service they expect. Help is on hand throughout the process, with claims experts available through web chat or over the phone.”

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