5 advice firms declared in default in first two months of 2021

Four life and pension companies also shut up shop during the period

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The Financial Services Compensation Scheme (FSCS) declared 14 firms in default throughout January and February 2021.

Of the 14, five provided financial advice and wealth management, and four offered pension and life insurance services.

The companies are:

Sarah Marin, FSCS’s interim chief customer officer, said: “FSCS puts customers and their need for trust in financial services first.

“This focus is needed more than ever, with the increased potential for financial vulnerability as a result of the pandemic.

“FSCS’s protection increases consumer confidence when buying financial products and services, and our compensation helps put customers back on track if firms should fail”.

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