UK Financial Services Compensation Scheme declares 30 firms in default between Nov and Jan

The Financial Services Compensation Scheme (FSCS) today announces that it declared 30 failed regulated firms in default between November 1, 2019 and January 31, 2020. This means consumers could get back money they have lost as a result of their dealings with any of those firms.

The list of firms declared in default by FSCS between November 1, 2019 and January 31, 2020 includes:

• Prince Regent Cars formerly First Direct Car Centre Brunswick Court, Brunswick Street, Stockton-on-Tees, Cleveland, TS18 1DW
• B.Wilcock Insurance Bridgewater House, Suite 16, Surrey Road, Nelson, Lancashire, BB9 7TZ
• NFS Mortgages Limited 275 Hawthorne Road, Bootle, Merseyside, L20 3AP.
• Consumer Wealth Limited Bradford Chamber Business Park, New Lane, Laisterdyke, Bradford, West Yorkshire, BD4 8BX
• Phoenix Financial Associates Limited The Toppits, Healey Road, Ossett, West Yorkshire, WF58LN
• Benson McGarvey Murdoch 6 George Street, Nottingham, NG1 3BE
• Elite Insurance Company Limited, Newton Chambers, Newton Business Park, Isaac Newton Way, Grantham, Lincolnshire, NG31 9RT
• Horizon Stockbroking Limited 29 New Walk, Leicester, LE1 6TE
• Adams Russell Limited 75 London Road, Newcastle-under-Lyme, Staffordshire, ST5 1ND
• Anthony Feeney and John Bland t/a Anthony Feeney Financial Services Old Bank House, 50 St. Johns Close, Knowle, Solihull, West Midlands, B93 0NN
• BlackStar Wealth Management Limited 17 Wrens Court, Lower Queen Street, Sutton Coldfield, B721RT
• Hyrifa Limited t/a Save My Pension formerly Trueway Finance Limited Youell House, Hill Top, Coventry, Warwickshire, CV1 5AB
• Transglobe Investments Limited Butcher Woods Ltd, 79 Caroline Street, Birmingham, B3 1UP
• Day (Chelmsford) Limited t/a Days Of Chelmsford 74 Main Road, Broomfield, Chelmsford, Essex, CM1 7DH
• London Capital & Finance plc, c/o The Administrators, Smith & Williamson LLP, 25 Moorgate, London, EC2R6AY
• NJ Associates Financial Services Limited 13 High Street, Hampton, TW12 2SA
• Metropolis Motorcycles Limited 6263 Albert Embankment, London, SE1 7TP
• Re-financial Planning Limited 843 Finchley Road, London, NW11 8NA
• Sigma Financial Management Limited 75 Westow Hill, London, SE19 1TX
• CPI Services Limited Unit 1 Warwick Court, 3234 Leigh Road, Eastleigh, Hampshire, SO50 9DT
• Facts & Figures Financial Planners Limited Stoke House, Church Road, Ashford, TN23 1RD
• Avalon Investment Services Limited c/o KPMG, 100 Temple Street, Bristol, BS1 6AG
• CGFM Limited Exmouth Business Centre, 14 Hartley Road, Exmouth, Devon, EX82SG
• Parklands Wealth Limited Suite 13, Badger House, Oldmixon Crescent, Weston-super-Mare, N. Somerset, BS249AY
• Brixham Finance Limited formerly Lerwick Financial Solutions Ltd and Lerwick Financial Solutions PLC 55 Bridge Street, Usk, Gwent, NP15 1BQ
• Economic Financial Solutions IFA Limited t/a Torch Wealth Management, JAG Protection Ty Menter, Navigation Park, Abercynon, CF45 4SN
• Innovative Financial Services Limited t/a Gorcades Ltd and IFS Ltd 233 Union Grove, Aberdeen, AB10 6TF
• Park Caledonia Capital Limited 7th Floor, 90 St Vincent Street, Glasgow, G2 5UB
• JAS Financial Services Limited 2 General Steele Close, Ballycarry, Carrickfergus, BT38 9BF
• Quick-Sure Insurance Limited P.O. Box 1338, 1st Floor, Grand Ocean Plaza, Ocean Village, GX11 1AA

Let’s note that the list includes London Capital & Finance. In February, the Scheme announced that it paid just under £2.7 million to 135 LCF customers in relation to 151 bonds. These bonds were invested following transfers out of stocks and shares ISAs.

The Scheme made these payments automatically, without these customers needing to make a claim themselves. FSCS explains that has been able to compensate this group of customers because arranging a transfer out of a stocks and shares ISA is a regulated activity.

Those who have not received compensation from FSCS by February 24, 2020, but believe they transferred out of a stocks and shares ISA are advised to send supporting evidence to FSCS.

FSCS is the UK’s statutory compensation scheme that protects customers of authorised financial services firms that carry out certain regulated activities. A declaration of default means FSCS 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.

Since it began in 2001, FSCS has helped more than 4.5 million people, paying out more than £26 billion in compensation.

If you wish to make a claim with FSCS against any of the 30 firms, you may be able to do so using FSCS’s online claims service, https://claims.fscs.org.uk/.