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 https://claims.fscs.org.uk/.

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.” 

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