The UK Financial Services Compensation Scheme (FSCS) declared 11 firms in default during June 2019.
Nine offered various financial advisory services and were based all over the country.
They are:
- John B Carr Financial Services (East Midlands)
- Barchester Green (Greater London)
- Kevin Neal Associates Wealth Management (Greater London)
- DFD Mortgages (North West)
- The Wealth Partnership (Scotland)
- Bradford Peters Financial Services (South East)
- KWS Wealth Management (South East)
- Castle Asset Management, formerly Lighthouse (South West)
- Hayden Williams Independent Financial Services (Wales)
Kevin Neal Associates made headlines last year after if was revealed the eponymous owner was banned for six years by the Insolvency Service for transferring £76,000 ($94,620, €84,245) out of his insolvent advice firm.
Mr Neal was previously the financial adviser of former England and Newcastle football star Alan Shearer, who took him to court for “negligent financial advice”.
Going bust
As all the firms were regulated, clients who lost money may be eligible for compensation through the FSCS.
“FSCS steps in to protect consumers around the UK when authorised financial services firms go bust,” said Alex Kuczynski, chief corporate affairs officer at the FSCS.
“This vital service, which is free to consumers, protects deposits, insurance, investments, home finance and debt management. 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.”
In May 2019, eight firms entered default, six of which were advice businesses.
