More consumers are in line for compensation, as the UK Financial Services Compensation Scheme (FSCS) declared 13 firms in default in the last two months of 2020.

Caroline Rainbird, FSCS’s Chief Executive, said:

“Because these firms are unable to pay back the money they owe their customers, FSCS can step in and pay them compensation. As Chief Executive, I see first-hand the important role FSCS plays to help people who have lost money through their dealings with financial services firms that have failed or are no longer trading.

People who have dealt with any of the 13 firms listed below, and believe they are owed money as a result, can now make a claim to FSCS.

Declarations by FSCS from 1 November to 31 December 2020:

• Barnbeck Limited t/a Brecks Saab, FRN: 312552, Great North Way, Nether Poppleton, York, North Yorkshire YO26 6RB
• Dexia PAM Limited formerly Pembroke Asset Management Ltd t/a Day Hartley & Pembroke Limited, FRN: 116383, Shackleton House, 4 Battle Bridge Lane, London SE1 2GZ
• Direct Market Touch Limited, FRN: 490521, c/o 9 New Street, London EC2M 4TP
• Drew (UK) Financial Services, FRN: 180995, 28 Middleton Avenue, Sidcup, Kent DA14 4JW
• Fiducia Wealth Solutions Limited formerly Regen Investments Limited, FRN: 646975, 45 Hornbeam Avenue, Bexhill-on-Sea, East Sussex TN39 5JQ
• J L Fisher Financial Services Limited, FRN: 116035, 60 King’s Walk, Gloucester, Gloucestershire GL1 1LA
• Mentor Financial Limited, FRN: 179105, 6 High Street, Datchet, Slough, Berkshire SL3 9EA
• Stephen Davies (Haverfordwest) Limited t/a Imperial Garages, Imperial Leisure, Imperial Marine, FRN: 313079, Imperial Garages, Portfield, Haverfordwest SA61 1DY
• Wingray Autos Limited, FRN: 312447, Woolton Garage, Menlove Avenue, Liverpool, Merseyside L25 7SB
• Horbury Bridge Garages Limited, FRN: 315045, 223 Bridge Road, Horbury, Wakefield, West Yorkshire WF4 5QA
• Optimus Wealth Management Limited formerly Howard & Co (Mortgages) Limited, Panayi Limited, FRN: 432564, Office 101, 1st Floor, 200 Aldersgate, London EC1A 4HD
• Ober Private Clients Limited, FRN: 706215, We Work Building, One St Peter’s Square, St Peter’s Square, Manchester M2 3DE
• Walker Woodhead Financial Planning Limited t/a Walker Financial Planning Limited, FRN: 401158, 70 Market Street, Tottington, Bury, Lancashire BL8 3LJ

Let’s recall that, FSCS declared 45 firms in default in the period from May to October 2020.

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.

The Scheme is required to do this before it can pay compensation to eligible customers.