More customers to be in line for compensation as FSCS declares 12 firms in default in Apr 2020

Maria Nikolova

Declaring a firm in default paves the way for customers of that firm to make a claim for compensation with the UK Financial Services Compensation Scheme.

The UK Financial Services Compensation Scheme (FSCS) today announces that it declared 12 failed regulated firms in default during April 2020.

This means that customers of these firms could get back money they have lost as a result of their dealings with any of those firms. A declaration of default means FSCS is satisfied a firm is unable to pay claims for compensation made against it.

The list of declarations by FSCS between April 1, 2020 and April 30, 2020 includes:

  • Opal Mortgage Life & Pensions Ltd 121 Burnt Road, Lee, London, SE12 8RA
  • Greyfriars Asset Management LLP 25 Moorgate, London, EC2R 6AY
  • Saxon Capital Ltd 60 Cannon Street, London, EC4N 6NP
  • City One Securities Ltd, formerly Europacific Corporate Finance Ltd, Holmes & Company Ltd c/o William Antony Batty & Hugh Francis Jesseman, Antony Batty & Company LLP, 3 Field Court, London, WC1R5EF
  • Whitestone Cars Ltd Bishop Fleming, 16 Queen Square, Bristol, BS1 4NT
  • The Atherstone Garage & Electrical Company Ltd Granville Hall, Granville Road, Leicester, LE1 7RU
  • Berkeley Burke SIPP Administration Ltd Berkeley Burke House, 2 Regent Street, Leicester, Leicestershire, LE1 7BR
  • Fusion Wealth Management Ltd 8 Eaton Road, Coventry, West Midlands, CV1 2FF
  • The Carlton Garage (Preston) Ltd, trading as Ainsdale Finance and Leasing 642 Liverpool Road, Southport, Merseyside, PR8 3BH
  • Weaver Finance CI Ltd 18 High Street, Northwich, Cheshire, CW8 3HB
  • Slaters of Abergele Ltd The Showroom Premises, Market Street, Abergele, Clwyd, LL22 7AL
  • Clydegrove Financial Consultants Ltd 910 Tollcross Road, Glasgow, Lanarkshire, G32 8PE

Let’s recall that FSCS declared 15 failed firms in default in February 2020 and 12 firms in default in March 2020. For the period between November 1, 2019 and January 31, 2020, a total of 30 firms were declared in default by the Scheme.

James Darbyshire, Interim Chief Counsel, said:

“FSCS has been getting customers back on track for almost 20 years since being set up by Parliament in 2001. Our statutory aims of protecting consumers and contributing to financial stability are particularly important during stressful times, such as in the current COVID-19 pandemic and the 2008 financial crisis. We apply our rules in a consistent and impartial manner, and deliver our service with empathetic efficiency.”

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