Woodford Green-based financial advice firm Kapwealth Ltd has been declared in default by the Financial Services Compensation Scheme (FSCS).
The firm provided pension and investment advice and held a number of trading names, including Titan Investment Partners (no connection to advice firm Titan Wealth).
The FSCS said it was declared in default this week after a claim against it was upheld. There is one other claim currently in progress. Being declared in default means a firm cannot meet claims against it, so claims are instead paid out by the industry-funded FSCS. The lifeboat fund can currently pay out up to £85,000 per claim for pension and investment claims.
A default declaration by the FSCS, the industry levy-funded safety net, is usually made when a firm is unable to meet all the claims against it. It opens the door to ex-customers to claim up
Kapwealth went into creditors’ voluntary liquidation recently, and it ceased to be authorised by the regulator in December.
