More customers are in line for compensation, as the UK Financial Services Compensation Scheme (FSCS) declared 14 firms in default in the first two months of 2021.

People who have dealt with any of the 14 firms listed below, and believe they are owed money as a result, can now make a claim to the FSCS.

  • Inspired Wealth Limited, FRN: 542091, 79 Caroline Street, Birmingham, B3 1UP
  • Copia Wealth Management Limited, FRN: 605906, The Forum, Tameside Business Park, Windmill Lane, Denton, Manchester, M343QS
  • Atlas Travel Insurance Services Ltd, FRN: 314698, 37 Kings Exchange, Tileyard Road, London, N7 9AH
  • Grosvenor Financial Consultants Limited formerly Decormore Limited, FRN: 230573, Pavilion 2000, Amy Johnson Way, York, YO30 4XT
  • Pembrokeshire Mortgage Centre Limited T/A County Financial Consultants, FRN: 479220, Gareth Bishop & Sandra McAlister, McAlistr & Co Insolvency Practitioners, 10 St Helens Road, Swansea, SA1 4AW
  • RHT Financial Services Limited, FRN: 230738, Jubilee House, Church Street, Morley, Leeds, LS279JQ
  • Liberty Sipp Limited t/a Liberty Pensions, FRN: 476409, The Exchange 5 Bank St, Bury, BL90DN
  • Red Kite Finance Limited formerly Thorpe Park Finance Limited, FRN: 451882, 5 Carrwood Office Park, Leeds, LS15 4GL
  • Prometheus Insurance Company Ltd, FRN: 207638, Suite 943, Europort, Gibraltar
  • Gardner Massey Wright IFA Limited T/A Eskdene Associates, FRN: 463349, 35 Market Street, Hindley, Wigan, Manchester, WN23AE
  • Sequence Financial Management Limited t/a Sequence Pension Solutions, Moneybrain Robo-Advice, FRN: 528196, c/o Leonard Curtis Recovery, Riverside House, Irwell St, Manchester, M35EN
  • Universal Capital Markets Ltd, trading as Nexus Capital Ltd, trading as Aspire Trade Ltd, FRN: 434114, International Development Centre, Valley Drive, Ilkley, LS298PB
  • Sterling Pension Management Limited formerly F E Wright (Pensions & Financial Planning) Ltd, FRN: 114862, City Reach, 5 Greenwich View Place, Millharbour, London, E14 9NN
  • John Coldwell Pensions & Investments Limited Formerly Prophecy Pensions and Investments Limited, FRN: 490611, 110 Fenchurch Street, 6th Floor, London, EC3M5JT.

Let’s recall that, FSCS declared 45 firms in default in the period from May to October 2020. A total of 13 firms were declared in default by the Scheme in November and December 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.