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Nine UK firms in default between June and July 2021

Eight of which provided financial advice, planning and insurance services

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The Financial Services Compensation Scheme (FSCS) declared nine businesses in default during the months of July and June 2021, and clients could be in line for compensation as a result.

If customers believe they are owed money from any of the nine firms, they can make a claim to the lifeboat scheme.

The companies are made up of financial advice, planning and insurance services providers, as well as a home finance business.

They include:

  • Capital Asset Management (formerly known as HSJ Asset Management) in Newport, South Wales;
  • Gateway Home Loans, in Nottingham;
  • Independent Financial Matters (trading as Unite Financial Services), in Milton Keynes, Buckinghamshire;
  • Karl Jones (trading as Total Financial Solutions) in Llanelli, Carmarthenshire, Wales;
  • Paradigm Financial Partners, in Leeds;
  • Premiumwatch Financial Services (trading as PFS) in Crewe, Cheshire;
  • TFP (Life & Pensions) (trading as Medical & Professional) in Huntingdon, Cambridgeshire; and,
  • Westminster Financial Planning (formerly known as Westminster IFA) in London.

James Darbyshire, chief counsel at the  FSCS, said: “FSCS was set up by parliament in 2001 and we are here to contribute to financial stability in the UK. For the past 20 years, we have been getting customers of failed authorised financial services firms back on track.

“We are reaching out to let people know that compensation may be available if they have suffered losses due to the failure of a financial services firm. We are a free and independent service and customers can claim directly from us.”

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