9 October 2017 | Comment

FSCS update, 17 new firms declared in “default”

The Financial Services Compensation Scheme (FSCS) has declared 17 new firms in “default” for the period between 1 June and 31 July 2017. The list can be found below or for more detail, view the actual announcement from the FSCS here.

  1. Strand Capital Limited
  2. CC Bikes Realisations Limited formerly Colin Collins Limited
  3. White & Partners
  4. Danesfield Securities Limited
  5. Rock Capital Group Plc
  6. Financial Wisdom Limited
  7. Calland Insurance & Mortgage Services
  8. Neil Haworth, Esq
  9. Cobra Giles Limited
  10. Maitland Finance Company
  11. Vima Insurance Services Limited formerly Vima (Insurance Brokers) Limited
  12. The Platinum Partnership Limited
  13. E Brammah (deceased) t/a Brammah Insurance Consultants
  14. Vickring Limited
  15. Seward (Wessex) Limited
  16. Bright Financial Associates Limited
  17. Medical and Professional Financial Management

A company is declared in default when it is no longer able to financially bear to pay compensations for claims against it. This gives an opportunity to the clients of the firm to seek compensation directly from the FSCS.

The FSCS is a compensation scheme of last resort for clients of authorised financial services firms. It is funded by the financial services industry. It was created in 2001 as a means of protection for the consumer.

In the context of Financial Mis-Selling, the FSCS provides a method for compensation to customers who have received negligent advice and/or been mis-sold a product (e.g. a SIPP investment or a mortgage) and, as a result, have lost their money, when the company responsible for that advice has been dissolved and/or no longer has the assets to reimburse its clients.

There is a limit on the amount of compensation the FSCS can pay; currently the limit in relation to pension investments is £50,000.

The Financial Team at Hugh James has experience in helping clients receive compensation from the FSCS in relation to negligent financial advice. Our team deals pre-dominantly with SIPP investments but might be able to assist you in the case of a mis-sold mortgage as well.

If you received pension or mortgage advice from one of the companies listed above, please visit our Financial Mis-Selling page for more information.

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