UK FSCS declares 11 firms in default in April and May 2022
More UK consumers are in line for compensation, as the Financial Services Compensation Scheme (FSCS) has confirmed that 11 firms are in default – which means they have gone out of business and are unable to meet any claims themselves.
Declarations by FSCS from 1 April 2022 to 31 May 2022:
- A to Z Mortgages Limited t/a Dunure Asset Management (FRN 227542), 6 Bowmore Crescent, East Kilbride, Glasgow, South Lanarkshire, G74 5DD.
- Briggs Murray Financial Planning & Wealth Management Ltd t/a Briggs Murray Wealth (FRN 773229), Southgate Business Centre, 32 Gillygate, Pontefract, West Yorkshire, England, WF8 1PQ.
- City of Plymouth Credit Union Ltd (FRN 213937), 14 Cumberland Street, Devonport, Plymouth, Devon, PL1 4DX.
- Integrity IFA Limited t/a Dewar and Partners, Scottish Landlords Insurance, Wood and Ker (FRN 514600), 25 Morton Street Edinburgh EH15 2HN.
- Juno Moneta Capital Management Limited formerly Corcillum Limited t/a Morgan Peterson, BL Financial (FRN 753184), Suite G2 Montpellier House, Montpellier Drive, Cheltenham, GL50 1TY.
- Keywood Olley & Associates Limited t/a North East Mortgages, EMH Financial Planning (FRN 401067), Winster House 177a Bradford Road, Bingley, West Yorkshire, BD16 1AH.
- North East Warrington Credit Union Ltd (FRN 213530), Telfer House, 2 Cinnamon Lane, Fearnhead, Warrington, WA2 0BD.
- Rainbow Saver Anglia Credit Union Ltd (FRN 213617), 229 London Road South, Lowestoft, Suffolk, NR33 0DS
- Rajan Business Centre Limited (FRN 671365), 22 Chapel Road, Ilford, Essex, United Kingdom, IG1 2AG.
- Westbury Private Clients LLP (FRN 595603), 1st Floor, 4 Staple Inn Holborn London WC1V 7QH.
- Whitebridge Financial Planning Limited (FRN 610304), 9 Sinderby Close Whitebridge Park Newcastle upon Tyne, Tyne and Wear NE3 5JB.
In the February-March 2022 period, FSCS declared five firms in default.
Before FSCS can pay compensation, it must be satisfied that an authorised financial services firm is not in a financial position to meet claims against it (e.g. if the firm has failed and entered an insolvency process such as administration or liquidation). FSCS describes this as being ‘in default’. The Scheme will declare a firm in default if:
- it has received at least one claim; and
- it is satisfied that the firm is unable to return money to eligible customers itself.
FSCS has supported more than 6.5 million customers to claim compensation since it was established in 2001.