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Eight firms declared bust by UK lifeboat scheme

FSCS satisfied companies are unable to pay claims paving way for clients to pursue compensation

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The UK’s Financial Services Compensation Scheme (FSCS) declared eight firms in default in May, including six wealth and advisory businesses.

They are:

  • Phil Ogden Financial Planning (Northants)
  • GGC Independent Financial Advice (Cumbria)
  • The O’Rourke Partnership (Merseyside)
  • Premier Wealth Managers (Renfrew)
  • Larksway Investments / City Professionals / Larksway Insurance / Crossbrook (Oxford)
  • Wealth Rapport (Exeter)

A declaration of default means the FSCS is satisfied a firm is unable to pay claims for compensation made against it.

This paves the way for customers to make a claim with the lifeboat scheme.

“FSCS steps in to protect consumers around the UK when authorised financial services firms go bust,” said Alex Kuczynski, the scheme’s chief corporate affairs officer.

“This vital service, which is free to consumers, protects deposits, insurance, investments, home finance and debt management.”

He urged anyone who believes they may be owned money to get in touch.

Since 2001, the FSCS said it has helped more than 4.5 million people, paying out more than £26bn ($33bn, €29bn) in compensation.

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