Customers of failed financial services firms received £405m (€458m, $530m) in compensation from the Financial Services Compensation Scheme (FSCS) in 2017/18, in part driven by a rise in Sipp complaints.
Clients of eight failed advice firms can get their money back after the UK compensation scheme added them to its list of firms in default.
Nearly all individual customers of Beaufort Asset Clearing Services are expected to be protected in full for the return of money and assets, the UK’s Financial Services Compensation Scheme (FSCS) has confirmed.
The UK’s compensation scheme has paid out almost £5m (€5.7m, $6.7m) in claims against the brothers behind Taylor & Taylor Associates, who defrauded more than 200 clients to fund lavish lifestyles that included private jets and Rolex watches.
The UK’s Pension lifeboat scheme has made its first compensation payments, totalling £5.7m (€6.4m, $7.6m), to customers of the failed discretionary fund manager Strand Capital.
A raft of UK financial advice firms were declared in default by the Financial Services Compensation Scheme (FSCS) during April, meaning consumers could get back money they have lost.
Despite some strong opposition, the UK financial regulator has released major plans to force providers to pay 25% of advisers’ Financial Services Compensation Scheme (FSCS) bills.
The Financial Services Compensation Scheme is aiming to reimburse circa 2,700 clients of defunct Beaufort Asset Clearing Services next month, provided their investment was worth less than £2,000 ($2,802, €2,280).
The Financial Services Compensation Scheme (FSCS) declared 11 firms in default during March 2018, meaning that consumers could get back money they have lost.
The UK’s Financial Services Compensation Scheme expects to shortly make the first payments to customers of discretionary fund manager Strand Capital, which entered administration in May 2017.
Clients of the failed discretionary fund management firm Beaufort Securities and its clearing arm, Beaufort Asset Clearing Services, may be now eligible to claim compensation, after the Financial Services Compensation Scheme (FSCS) declared the two firms in default.
Three advisory firms, along with 21 other financial businesses, were declared in default by the Financial Services Compensation Scheme (FSCS) in February.
