Consumers likely to get compensation as FSCS declares 21 firms in default

Maria Nikolova

The Financial Services Compensation Scheme declared 21 firms in default from February 1, 2019 to April 30, 2019.

Clients of 21 firms are in line for compensation as the UK Financial Services Compensation Scheme (FSCS) declared these entities in default from February 1, 2019 to April 30, 2019.

Below is a list of declarations by FSCS from 1st February to 30th April 2019:

  • Thompson Motor Co Ltd t/a Browning Suzuki;
  • Sequant Capital Limited Formerly Central Markets (London) Limited;
  • Vantage Investment Group Limited;
  • John Henry Moore;
  • Choices Insurance Limited Formerly Choices Insurance Marketing Ltd;
  • County Motor Works (Chelmsford) Limited;
  • Direct Dial Loans Limited;
  • Cherwell Finance;
  • Susan Fleck Associates Limited;
  • British Insurance Limited Formerly known as Burgesses Limited;
  • Synergie Financial Planning Limited t/a Future Financial;
  • GD Tancred Limited;
  • Millennium Motor Group Limited;
  • Magna Wealth Management Limited;
  • TBO Investments Ltd;
  • Premier Financial Solutions (Harrogate) Limited;
  • Kennett Investment, Life & Pensions Limited;
  • Pensionology UK Limited Formerly Broker-Support Limited;
  • Abrams Ashton & Co (Financial Services) Limited;
  • Ulverston Financial Services Limited;
  • Greg Smith Financial & Insurance Services.

Those willing to make a claim with FSCS against any of these firms may be able to do so using FSCS’s online service at

Before FSCS can pay compensation, it has to make sure that a firm does not have sufficient assets to meet claims. This is described as the firm being “in default”. FSCS will declare a firm in default if:

  • it has received at least one claim; and
  • it is satisfied that the financial services firm you did business with has failed and is unable to return your money itself (the company is ‘in default’).

Declaring a firm in default allows private individuals who have incurred actual financial loss as a result of their dealings with that firm to apply to FSCS.

Alex Kuczynski, Chief Corporate Affairs Officer at FSCS, said: “FSCS steps in to protect consumers around the UK when authorised financial services firms go bust. This vital service, which is free to consumers, protects your deposits, insurance, investments, home finance and debt management. We want anyone who believes they may be owed money as a result of their dealings with any of these firms to get in touch as we may be able to help you.” 

Read this next

Industry News

HollyWally opens office in Portugal to bring B2B2C wallet-as-a-service platform to Europe

“We looked at a number of centers for startups throughout Europe and were attracted straight away to Lisbon. There is great Government support and enthusiasm for startups, it’s well positioned between our Asian and US offices, it’s a cost-effective city in which to base a fintech and it’s a beautiful place.”

Retail FX

Eightcap integrates Acuity’s economic calendar for trade ideas on MT4 or MT5

“By incorporating Acuity’s cutting-edge AI technology into our platform, we are able to offer our clients a powerful new tool that will help them stay ahead of the markets. We are committed to providing an extensive range of tools and educational resources that will enhance our clients’ trading experience and allow them to trade smarter.”

Inside View

Private Equity Renaissance

Recent years have seen a resurgence in the concept of trading physical equities, with a slew of new arrivals joining the market for what is arguably one of the oldest forms of investing. But what has been the driving force behind this change in momentum?

Digital Assets

Dubai introduces new crypto regulations with fines of up to $135,000

Against the backdrop of a crashing market and burned investors, Dubai has sealed a landmark rulebook that governs how the Emirate will regulate cryptocurrency activities.

Institutional FX

FX volume drops 16pct at Russia’s largest exchange in January

The Moscow Exchange, Russia’s largest exchange group, released its monthly batch of trading volumes and metrics for January 2023 – the latest readings showed a pullback across the board for multiple segments, namely in the FX, given lower volatility and a reduced trading schedule.

Institutional FX

Standard Chartered sets up wholly-owned brokerage arm in China

UK-headquartered bank Standard Chartered said its Hong Kong arm has been granted an in-principle approval for a brokerage license from the China Securities Regulatory Commission (CSRC).

Digital Assets

Revolut offers staking for Ether, Cardano, Polkadot, and Tezo

British fintech and banking firm Revolut has introduced crypto staking — a practice of earning rewards for serving as a transaction validator in the Ethereum blockchain – to its UK and European Economic Area (EEA) customers.

Inside View

Saxo releases Q1 2023 Quarterly Outlook: “The Models Are Broken”

“2023 is likely to prove a rough ride for currencies if the USD bear market fails to continue in a straight line, but EUR and JPY may outperform.”

Institutional FX

FXPA welcomes Mesirow as a member of the institutional FX industry body

“Our deep commitment to advancing best practices align well with FXPA’s goals of championing a robust FX market for all industry participants.”