UK compensation scheme declares 8 firms in default

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.

UK regulator declares DFM insolvent

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The FSCS is the UK’s statutory compensation scheme that protects customers of regulated financial services firms.

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 of that firm to make a claim for compensation.

Since it began in 2001, FSCS has helped more than four and a half million people, paying out more than £26bn ($37bn, €30bn) in compensation.

In April, the FSCS declared 11 firms in default, while in February it declared 24 firms.

Default firms

South East

Full Circle Asset Management Limited

West Midlands

Munroe James Limited

Intelligent Financial Planning Limited trading as Intelligent Financial Planning

North West

Wigan Mortgage and Investment Centre

East

William Albert Securities Limited (formerly trading as Kerford Financial Ltd)

Wales

Stanley R Rogers Financial Services trading aa Stanley R Rogers

Bright Financial Partnership LLP

Strategic Wealth UK Limited trading as Gibro Wealth

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