UK Financial Services Compensation Scheme declares 12 firms in default in Mar 2020

Maria Nikolova

Clients of 12 firms could be in line for compensation as these firms have been declared in default by FSCS.

The UK Financial Services Compensation Scheme (FSCS) declared 12 failed regulated firms in default during March 2020.

Consumers could get back the money they have lost as a result of their dealings with any of these 12 firms:

  • Tenebris Realisations Limited (formerly Seymour Pierce Limited) 29/30 Cornhill, London, EC4N 8EL
  • Ashley Law Limited 30-32 Staines Road, Hounslow, TW3 3LZ
  • A J Cook (Insurance Brokers) Limited 34 Foundation Street, Ipswich, Suffolk, IP41BN
  • New Mersey Motor Co Limited S T C House, Speke Hall Road, Liverpool, L24 9HD
  • Octagon Motor Company Limited Jubilee House, John Nike Way, Bracknell, Berkshire, RG12 8TN
  • ARLWM Limited t/a Montgomery Financial Consultants Croxtons Mill, Blasford Hill, Little Waltham, Chelmsford, Essex, CM3 3PJ
  • Huntsman Hawkes Limited 2 James Whatman Court, Turkey Mill, Ashford Road, Maidstone, Kent, ME14 5PP
  • Organic Investment Management Limited c/o RSM Restructuring Advisory LLP, Highfield Court, Tollgate, Chandler’s Ford, Eastleigh, Hampshire, SO53 3TY
  • Devonshire Asset Management Limited 5 Barnfield Crescent, Exeter, Devon, EX1 1QT
  • One Wealth Management Limited C/o Murray Stewart Fraser Ltd, The Pentagon Centre, 36 Washington Street, Glasgow, G38AZ
  • Midas Financial Solutions (Scotland) Limited 23 Carden Place, Aberdeen, AB10 1UQ
  • MacKintosh Cunningham Consulting Limited 335/337 Baltic Chambers, 50 Wellington Street, Glasgow, G2 6HJ

FSCS is able to protect customers of authorised financial services firms that carry out certain regulated activities. A declaration of default means the Scheme is satisfied a firm is unable to pay claims for compensation made against it. This paves the way for customers of that firm to make a claim for compensation with FSCS.

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

Since it began operating in 2001, FSCS has helped more than 4.5 million people, paying out more than £26 billion in compensation. The Scheme paid a total of £473 million in compensation to 425,760 customers of failed firms during 2018/19. This amount compares with the £405 million FSCS paid in compensation in the previous year.

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