The Financial Services Compensation Scheme (FSCS) has confirmed that 17 firms were declared in default between February and March 2023.
This means they have gone out of business and FSCS believes they are unable to meet any claims themselves. If a regulated financial firm is no longer trading and can’t pay a customer’s claim, FSCS can step in to pay compensation.
Lila Pleban, FSCS’s chief communications officer, 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 here to help you through the process. We’ll also keep you up to date with our progress every step of the way. In the last 12 months, we’ve helped almost 68,000 people receive the compensation they’re due.”
The failed firms include:
- Alexander Sloan Financial Planning Limited – based in Glasgow;
- Bailey Richards Wealth Management Limited – based in Gateshead;
- Corporate Benefits Consulting Limited – based in Glasgow;
- DAC Pensions Limited formerly Davies & Co SSAS Solutions Limited – based in Bedford;
- FP Consulting Limited t/a The Salmon Partnership, RMS Wealth Management – based in Bromsgrove;
- Help Financial Limited formerly Sterling Wealth Limited A I Financial Management Limited – based in Manchester;
- H&F Financial Limited – based in Kent;
- Hudson Foster Financial Services Limited T/A Hudson Foster & Co, Great Benefits Financial – based in Bradford;
- Kings – based in Maidstone;
- Northern Provident Investments Limited formerly Money Labs Ltd, ISA Lab – based in London;
- Optimise Wealth Management Limited – based in Northwood;
- Osborn Wealth Management Limited formerly Pace Ward Financial Limited – based in Stoke on Trent;
- Portal Financial Services LLP formerly Portafina LLP – based in Rochester;
- Planet Pensions Limited t/a Square Mile International Financial – based in Warrington;
- RSS&L Limited – based in Sutton Coldfield;
- The London Trading Company (UK) Limited ta Lontrad, TCM Wealth Management – based in London;
- WGL Altrincham Limited formerly Whitehead Group Limited/Whitehead & Partners Limited – based in Altrincham.
