The Financial Services Compensation Scheme (FSCS) declared 14 firms in default throughout January and February 2021.
Of the 14, five provided financial advice and wealth management, and four offered pension and life insurance services.
The companies are:
- Inspired Wealth, Birmingham, January 2021.
- Copia Wealth Management, Manchester, January 2021. The firm had already entered liquidation in September 2020.
- Grosvenor Financial Consultants, York, January 2021. Following the appointment of joint administrators in August 2020, the business was sold to an unnamed buyer later that month.
- RHT Financial Services, Leeds, January 2021.
- Liberty Sipp, Bury, January 2021. It entered administration in April 2020, and by the time it defaulted, the lifeboat scheme had already received nearly 1,700 claims.
- Gardner Massey Wright IFA, Manchester, January 2021.
- Sequence Financial Management, Manchester, January 2021. The financial advice business stopped trading in early August 2020 before naming Leonard Curtis as administrator.
- Sterling Pension Management, London, February 2021.
- John Coldwell Pensions & Investments, London, February 2021.
Sarah Marin, FSCS’s interim chief customer officer, said: “FSCS puts customers and their need for trust in financial services first.
“This focus is needed more than ever, with the increased potential for financial vulnerability as a result of the pandemic.
“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”.
