The Financial Services Compensation Scheme (FSCS) has highlighted the latest firms that have recently ‘failed’, as well as several that are ‘under investigation’.
The Financial Services Compensation Scheme (FSCS) was established in 2001 by the government as a safety net for customers of failed regulated financial services firms. When firms fail, they are generally unable to meet any claims made against them. The FSCS may also step in and open the door to customer claims for firms that are in liquidation, while other investigations are ongoing.
The FSCS has a fund, fully financed by the financial services industry through levies, to provide compensation to out of pocket customers. The current compensation limits are £85,000 for individual claims and £170,000 for joint accounts.
The latest firms under the FSCS spotlight
The FSCS website provides up-to-date details of firms that have failed recently or are under investigation. Recent additions include:
Facet Investment Management Ltd went into administration on 23rd August and is currently under investigation. The FSCS is accepting claims against the former wealth management firm, however these will not be processed until investigations are complete.
Barton Hatchet Ingram Financial Management Ltd was a Gloucester-based firm that failed on 9th September. One claim was successfully upheld against the firm, relating to poor pension advice.
Triple A Financial Services failed on 9th September. The firm also has one successful pension advice claim against it.
City & Merchant Ltd provided corporate finance advice, fund management, and trading services. It is now under FSCS investigation and in liquidation, and customers can submit claims to the FSCS.
Pro-Synergy Wealth & Tax Management Ltd, trading as Sedulo Wealth Management, failed on 19th September 2024. The Staffordshire-based firm has one upheld claim against it relating to investment advice.
Colbourne & Company has several claims against it, with one upheld, relating to Self-Invested Personal Pensions (SIPPs).
Advice & Wealth Management Solutions LLP failed on 7th October. The Glasgow-based firm previously offered pensions advice.
Inter-UK Financial Services Ltd, trading as IUK Global, InterProtect, Cass Capital, failed on 8th October. The firm was based in Exeter and offered advice on pensions and investments.
European American Capital Services Ltd, trading as EA Capital, failed on 22nd October. An investment-related claim has been upheld, with another 5 in progress.
Chesterton Grant Ltd failed on 24th October. The Deeside-based firm offered mortgages and protection insurance.
MCI Global Investment Advisors Ltd failed 25th October. The firm provided alternative investment fund management services, including
Novus Black Fund UK Ltd, which is an unauthorised firm.
Carl Julian Hanson t/a Bright Future failed on 25th October. The firm offered pensions and investment advice.
PSG SIPP Ltd FCA regulated self-invested personal pension scheme (SIPP) provider, PSG SIPP Ltd is now under FSCS investigation. The FSCS is working with the joint administrators to identify if there are eligible claims.
LEBC Group Ltd trading as The Care Adviser, The Retirement Adviser, Corporate Healthcare Solutions failed on 29th October. The firm advised customers to transfer out of Defined Benefit Pension Schemes.
Frobisher Capital Ltd failed on 29th October. The financial advisory firm based in Surrey is no longer trading and the FSCS is accepting claims.
How can TLW Solicitors help me make an FSCS claim?
+ −Our team of specialists can help you navigate what can be a complex FSCS claims process. We specialise in getting you the full value of the compensation you are owed by making sure all of the correct information is submitted with your claim. We also make sure that the relevant calculations are correct, keep the momentum going with your case, and that you are fully informed and updated about the milestones in the claims process. Working on a ‘no win no fee’ basis, you pay us nothing if your claim is unsuccessful.
TLW Solicitors’ view
+ −Sarah Spruce, Legal Director at TLW Solicitors, said of the recent raft of failed financial firms:
“Firms continue to go out of business on a regular basis, usually after a period restriction from the financial services watchdog, the Financial Conduct Authority (FCA), or financial uncertainty as a result of claims against the firm. Many have no option but to close their doors, leaving anxious investors and clients unsure where to turn.
“Having the government-backed FSCS compensation scheme offers some reassurance to customers, but an £85,000 limit means financial losses could exceed that, particularly where pension investments are concerned.
With our years of experience in dealing with these sometimes complex claims, we can investigate whether more than one claim can be submitted, potentially doubling the compensation awarded. We work on a ‘no-win, no-fee’ basis, which means we don’t charge for our time pursuing your FSCS claim unless it is successful.”
TLW Solicitors can help – get in touch
+ −If you or someone you know have been the victim of financial mis-selling or poor investment advice, or you have transferred your pension and lost out financially, and if the firm that advised you has gone out of business or is no longer trading, we can help. Get in touch to see if you may be eligible to make a ‘no-win, no-fee’ claim.
Call 0800 169 5925, email info@tlwsolicitors.co.uk, or complete one of the forms below.
It is important to get advice as soon as possible, as strict time limits can apply.
Minimum case values apply.
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