More UK consumers are in line for compensation as the Financial Services Compensation Scheme declared 45 firms in default in the period from May to October 2020. People who have dealt with any of the 45 firms declared in default, and believe they are owed money, as a result, can now make a claim to the FSCS.

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.

Below is a detailed list of declarations by FSCS for the May – October 2020 period:

May 2020

• Kingsway Wealth Management Limited, FRN: 452538, Pembroke House, Ellice Way, Wrexham Technology Park, Wrexham, Clwyd, LL13 7YT
• Marshall James & Company Financial Management Services, FRN: 121600, The Bank, 1 Highfield Road, Hall Green, Birmingham, B28 0EL

June 2020

• Acorn Financial Solutions (Wessex) Limited, FRN: 453407, 32 Ashwood Drive, Broadstone, Dorset, BH18 8LN
• Cannonbridge Corporation Limited Formerly Cannon Bridge Clearing Limited, FRN: 146362, 2nd Floor, Berkeley Square House, London, W1J6BD
• Capital & Income Solutions Limited, FRN: 462885, 50 Trinity Way, Salford, Lancashire, M3 7FX
• Direct Mortgage Centre, FRN: 300471, 87 Burdett Road, London, E3 4JN
• Financial Solutions Midhurst Limited t/a AMPF and FSML Wealth, FRN: 459575, Suite 16, Chilgrove Business Centre, Chilgrove, West Sussex, PO18 9HU
• Halebarns Financial Planning Ltd Formerly Kidd & Co (IFA) Ltd, FRN: 195937, 12 Princess Street, Knutsford, Cheshire, WA166DD
• JP Financial Management Ltd, FRN: 460241, Unit 2, The Sidings, Station Road, Shepreth, Royston, SG8 6PZ
• Kingfisher Financial Strategies Limited, FRN: 587708, Butcher Woods Corporate Recovery, St. Pauls Terrace, 79 Caroline Street, Birmingham, West Midlands, B31UP
• Morgan Finance, FRN: 144883, Penderyn, Ferryside, Dyfed, SA17 5RS
• Pentagon Capital Management Plc, FRN: 189239, 88 Baker Street, London, W1U 6TQ
• Pinnacle Autocentre (Falkirk) Limited, FRN: 308723, Pinnacle Autocentre, Kerse Road, Stirling, Stirlingshire, FK7 7LA
• Pointon York Limited formerly Pointon York Sipp Solutions Limited, FRN: 309975, CBA Business Solution Limited, 126 New Walk, Leicester, LE1 7JA
• Rabrose Mortgage Services, FRN: 301702, 493b Wimborne Road, Bournemouth, Dorset, BH9 2AW
• Stargate Capital Management Limited formerly Classic Fund Management Limited t/a Wealth Fortress DFM, FRN: 191763, 71 Queen Victoria Street, London, EC4V 4BE
• Willis of Alnwick Limited, FRN: 311691, South Road, Alnwick, Northumberland, NE66 2PG

July 2020

• B Financial Management LLP, FRN: 496770, 42 Claremont Road, Morecambe, Lancashire, LA4 4HL
• Colt Cars Mid-West Limited, FRN: 311434, Watermoor Road, Cirencester, Gloucestershire, GL7 1LF
• Opes Financial Planning Ltd Formerly Money Advice Partnership Limited, FRN: 533104, Unit 6, Ladykirk Business Park, Skye Road, Prestwick, Ayrshire, KA9 2TA
• O’Toole & Associates LLP t/a O&A, O&A Pension & Investment Specialists, FRN: 466357, The Cottage, 45 Blackstaff Road, Downpatrick, County Down, BT30 8SR
• PS Employee Benefits Limited t/a Bellpenny, TQ Employee Benefits and Torquil Clark Employee Benefits, FRN: 190545, 45 Church Street, Birmingham, West Midlands, B3 2RT

August 2020

• L & L Garages Limited formerly Swain & Jones Ltd, FRN: 305660, Highfield Court, Tollgate, Chandler’s Ford, Eastleigh, Hampshire, SO53 3TY
• Multicorp Rose Limited formerly Multicorp Rose Group Limited, FRN: 197540, C/O Begbies Traynor, 340 Deansgate, Manchester, M3 4LY
• R J Boorer and Associates Limited Formerly R J Boorer Limited, FRN: 192004, 50 Brighton Road, Surbiton, Surrey, KT6 5PL
• S & M Hughes Limited t/a Crescent Financial, FRN: 566837, 69 Walter Road, Swansea, West Glamorgan, SA14QA
• Square Seven Financial Planning LLP t/a Square Seven, FRN: 434875, Alexander House, 478 Castlereagh Road, Belfast, BT5 6BQ

September 2020

• A Luckhurst & N Shaw t/a BBT Financial Services, FRN: 147352, Wrens Court, 62 Victoria Road, Sutton Coldfield, West Midalnds, B72 1SY
• Agincourt Financial Limited T/A Alecto Financial Limited formerly Alecto Financial Limited, FRN: 197236, Millennia House, Kingswood Park, Bonsor Drive, Kingswood, Surrey, KT20 6AY
• Baronworth (Investment Services) Limited, FRN: 115284, 370 Cranbrook Road, Gants Hill, Ilford, Essex, IG2 6HY
• Connected Financial Services Ltd t/a Otium Finance & Rothgen Capital, FRN: 670425, Floor 7, Townend House, Wisemore, Walsall, West Midlands, WS11NS
• Courtover Investment Management Limited t/a City Private Clients, FRN: 182710, 156 St Helens Road, Swansea, West Glamorgan, SA1 4DG
• DNG Financial Solutions Limited T/A Succession Group, FRN: 472596, 14 Cottesbrooke Park, Heartlands Business Park, Daventry, Northamptonshire, NN11 8YL
• Hopper & Co (Scotland) Limited, FRN: 190743, 8 Main Street, Prestwick, KA9 1NX
• Mulbury Hamilton Financial Management Limited, FRN: 302200, 32a Station Approach, Hayes, Bromley, Kent, BR2 7EH
• Palace Motor Finance Limited Formerly London & Surrey Motor Finance Limited, FRN: 309545, London & Surrey Finance Ltd, 23 Rectory Lane, Banstead, Surrey, SM7 3PP
• Rees Caddick Garages Limited TA Lakeside Volkswagen, FRN: 310603, Lakeside Volkswagen, Stanley Matthews Way, Stoke On Trent, Staffordshire, ST4 4DD
• REX Financial Services LLP, FRN: 798939, Unit 4, Edison Court, Ellice Way, Wrexham Technology Park, Wrexham, Wrecsam, LL13 7YT
• Wellington Financial Management Limited, FRN: 447881, 3 Carlton Court, Great Wilson Street, Hoveringham, Nottingham, Leeds, LS11 5AD
• Wigan Financial Services, FRN:116098, 41 St James Road, Orrell, Wigan, Lancashire, WN5 8SS

October 2020

• B&G Finance Limited, FRN: 788684, Finsbury House, 23 Finsbury Circus, London, EC2M7EA
• East West Insurance Company Limited, FRN: 202806, 20 Old Broad Street, London, EC2N1DP
• Guinness Mahon Trust Corporation Limited, FRN: 464432, 3 Castlefield Court, Church Street, Reigate, Surrey, RH20AH
• Independent Financial Services, FRN: 189578, 62a Landywood Enterprise Park, Holly Lane, Great Wyrley, Staffs, WS6 6BD
• Intuitive Associates Limited t/a Intuitive Financial Associates, FRN: 782809, Corner House, Robey Close, Linby, Nottingham, NG158AA

Let’s recall that, FSCS declared 12 firms in default in March, and further 12 firms in default in April 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.

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