The Financial Services Compensation Scheme (FSCS) declared three financial advice firms in default on 31 March 2023.
The firms in question are:
- West Yorkshire-based Hudson Foster Financial Services Limited, which also traded as Hudson Foster & Co and Great Benefits Financial;
- Kent-based Kings; and
- Manchester-based Help Financial Limited, which was formerly Sterling Wealth Limited and A I Financial Management Limited.
Since the start of the year, 26 firms have failed with two companies under investigation with the FSCS. The most recent firm declared in default was Staffordshire-based Osborn Wealth Management on 22 March.
Hudson Foster
Ilkley-based firm Hudson Foster offered a range of financial advice services.
The Financial Conduct Authority (FCA) register said that the firm was authorised by regulators from 1994 until 2021.
According to Companies House, the company was dissolved in March 2022.
The FSCS told International Adviser there are four claims against the company for various types of financial advice. Some two have been unsuccessful, with one upheld and one in progress.
Kings
Maidstone-based firm Kings offered a range of financial advice services.
The FCA register said that the firm was authorised by regulators from 2001 until 2013.
The FSCS told IA there are there are 21 claims against the company all for pensions advice. Some 17 have been unsuccessful with one upheld and three in progress.
Help Financial
Manchester-based firm Help Financial offered a range of financial advice services.
The Financial Conduct Authority (FCA) register said that the firm has been authorised since 2015. But the firm applied in February 2023 to cancel its permissions.
According to Companies House, the company entered liquidation in February 2023.
The FSCS told International Adviser there are 21 claims against the company for various types of financial advice. Just one has been unsuccessful, with one upheld and 19 in progress.
There has been no compensation paid yet for any of the successful claims, as of 31 March 2023.
