The Financial Services Compensation Scheme (FSCS) declared nine failed financial firms in default during July 2018, meaning customers could get back money they have lost as a result of their dealings with them.
The FSCS is the UK’s statutory compensation scheme that protects customers of regulated financial services firms.
A declaration of default means the lifeboat scheme is satisfied a firm is unable to pay claims for compensation made against it, paving the way for customers to make a claim.
Chief corporate affairs office Alex Kuczynski said: “FSCS steps in to protect consumers around the UK when authorised financial services firms go bust.
“This vital service, which is free to consumers, protects your deposits, investments, home finance and insurance. We want anyone who believes they may be owed money as a result of their dealings with any of these firms to get in touch as we may be able to help you.”
Since it launched in 2001, the FSCS has helped more than 4.5 million people, paying out more than £26bn ($33.2bn, €29bn) in compensation.
Companies in default
Of the nine firms, the following are investment or financial planning related:
- Accuro Finance Limited,
- Ashfield Financial Planning (UK) Limited,
- Care Asset Management Limited,
- RW Harris Limited – trading as Roger Harris and Company or Greystone Wealth Management, and
- Talk Financial Solutions Limited,
The other firms are
- Ignition Select Ltd,
- The Mortgage Consultants Ltd,
- Vans R Us (Southern) Limited trading as Complete Commercial, and
- Box Insurance Services and Newton General Insurance Services.
