The Financial Services Compensation Scheme (FSCS) has declared 15 new advisory firms in default during February 2020.
A company/firm is declared in default when it is no longer able to financially bear to pay compensations for claims against it.
The firms are:
- Hector McLean Financial Consultants
- J Associates
- Knight Finance (European) Limited
- Intuitive Financial Associates LLP
- Prime Mortgage Brokers Limited
- Imperious Capital LLP
- Totus Capital Limited formerly STG Financial Services Limited t/a Totus Wealth Matters
- PNG Enfield Limited
- Asset Independent Financial Advisors Limited t/a Asset IFA, Asset Independent Mortgages, Home Estate
- WJR Wealth Management Limited formerly Walker Johnston Robinson Limited
- County Motors (Carlisle) Limited t/a Eden Commercial Services/Express Factors
- Serenus Consulting Limited,
- Release Money Limited formerly Release Finance Limited
- GPC SIPP Ltd formerly Guardian Pension Consultants Limited
- CBL Insurance Europe DAC
However, as all 15 firms were regulated, this gives an opportunity to the clients of the firms to seek compensation directly from the Financial Services Compensation Scheme (FSCS).
Clients of default firms have recovered over £26 billion in compensation since the FSCS began in 2001.
The FSCS is a compensation scheme of last resort for clients of regulated financial services firms. It is funded by the Financial Services Industry.
The limit on the amount of compensation payable by the FSCS for the above firms is £85,000.
Fiona Kidy, FSCS’s Acting Chief Financial Officer, said: “We are reaching out to consumers to let them know that compensation may be available if they have suffered losses due to a failed firm.
The Financial Litigation Team at Oakwood Solicitors has significant experience in helping clients receive compensation from the FSCS in relation to negligent financial advice.
We have successfully recovered almost £1 million pounds in the last 6 months.
How much will it cost you to make a claim?
- We operate on a Conditional Fee Agreement (CFA) more commonly known as ‘No-win, no-fee’.
- If we fail to secure you a settlement, you will not be charged.
- Any charges will be deducted from your settlement so you will not need to pay us anything out of your own pocket.
- If a CFA is not viable, we have alternative funding models available.
What should I do if I received advice from any of the above firms?
If you received advice from any of the above firms, contact us for a free initial consultation regarding your options by email on finance@oakwoodsolicitors.co.uk, or alternatively, call us on 0113 218 5700.
The Financial Services Compensation Scheme (FSCS) has declared 15 new advisory firms in default during February 2020.
A company/firm is declared in default when it is no longer able to fina…
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