The Financial Services Compensation Scheme (FSCS) has declared 12 firms in default in March 2020.
Nine of these provided wealth, investments, life insurance or financial advice.
“FSCS announces these declarations regularly, to let consumers know they could get back the money they have lost as a result of their dealings with any of those firms,” the UK lifeboat scheme said.
Lila Pleban, interim chief communications and marketing officer at the FSCS, said: “At FSCS we know that our protection contributes to confidence in financial services, so we reach out to consumers who may be able to benefit from that protection by claiming against a failed firm.
“Our claims-handlers are empathetic, and support is available throughout the process. The online claims portal provides the easy-to-use service our customers expect, and at lower cost to our levy-payers.”
Bans and prison terms
The financial services businesses that were declared in default are:
- Ashley Law, London;
- AJ Cook, Liverpool;
- Montgomery Financial Consultants, Essex;
- Huntsman Hawkes, Kent;
- Organic Investment Management, Hampshire;
- Devonshire Asset Management, Devon;
- One Wealth Management, Glasgow;
- Midas Financial Solutions, Aberdeen; and,
- MacKintosh Cunningham Consulting, Glasgow.
Organic IM was forced by the Financial Conduct Authority to stop carrying out regulated activities in 2018, and its client book was taken by IFA firm Philip J Milton & Company.
The FSCS received several claims against the firm in 2019, due to its portfolio’s exposure to highly illiquid assets.
Additionally, Midas Financial Solutions’ director Alistair Greig was jailed earlier this month for running a Ponzi scheme that conned investors out of £13m ($16m, €15m).
