UK Financial Services Compensation Scheme declares eight firms in default in May

Maria Nikolova

Consumers can get back money they have lost as a result of their dealings with any of the eight failed regulated firms.

The UK Financial Services Compensation Scheme (FSCS) has declared eight firms in default in May 2019. Consumers could get back money they have lost as a result of their dealings with any of these eight failed regulated firms.

Here is the list:

  • Philip Stephen Ogden t/a Phil Ogden Financial Planning, 105 Roundhill Road, Kettering, Northants NN15 6BG.
  • GGC Independent Financial Advice LLP, The Delves, Heversham, Milnthorpe, Cumbria LA7 7EE.
  • The O’Rourke Partnership Limited, 55 Bentham Drive, Liverpool, Merseyside L16 1JE.
  • Premier Wealth Managers Limited, Titanium 1, King’s Inch Place, Renfrew PA4 8WF.
  • Concept Automotive Services Limited, t/a Carland/Agreed Car Finance/Now Car Finance, Staines Road, Chertsey, Surrey KT16 9DA.
  • Larksway Investments Limited t/a City Professionals/Larksway Insurance/Crossbrook, Beaver House, 23-38 Hythe Bridge Street, Oxford OX1 2EP.
  • Jason Jones Autocentre Limited, Shuthonger, Tewkesbury, Gloucestershire, GL20 6EH.
  • Wealth Rapport Limited formerly Moores Waren Limited, Ashcom Park, Clyst St George, Exeter EX3 0NR.

Members of the public who wish to make a claim with FSCS against any of these firms may be able to do so using FSCS’s online claims service at https://claims.fscs.org.uk/.

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.

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’).

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 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.”

The FSCS declared 21 entities in default from February 1, 2019 to April 30, 2019. Since it began in 2001, FSCS has helped more than 4.5 million people, paying out more than £26 billion in compensation.

Read this next

Opinion

The FX Algo Wheel, is it wheels up and ready to take flight?

by David Catterick, Sales Director, BidFX Australia

Retail FX

eToro users now can trade underlying Italian stocks

Israeli social trading and multi-asset brokerage company eToro has expanded its service offering and trading products by incorporating new markets, namely Italian stocks listed at underlying exchanges.

Digital Assets

BlackRock bets on crypto bank Silvergate despite drastic fall

BlackRock, the world’s largest asset manager, has increased its stake in Silvergate Bank, a crypto-friendly lender that counts major crypto exchanges like Coinbase and Kraken as clients.

Opinion

A viewpoint from Anatoly Crachilov, CEO and Founding Partner at Nickel Digital, on SEC regulation of the digital asset sector

The SEC’s latest episode comes across as more of a PR performance rather than an act of investor protection.

Digital Assets

Tether denies receiving any loans from Celsius, the opposite is true

World’s largest stablecoin issuer, Tether dismissed reports suggesting that it received a $2 billion loan from the bankrupt cryptocurrency lender Celsius.

Institutional FX

Cboe FX volume makes strong rebound in January

Cboe’s institutional spot FX platform today announced its trading volume for the month ending January 2023, which marks a mild rebound after a steep fall in December.

Uncategorized

XS.com appoints Exness alumni Mohamad Ibrahim as CEO

XS.com, the multi-regulated financial services provider, has appointed Mohamad Ibrahim as the group’s newest chief executive officer (CEO).

Technology

B2Broker Integrates Match-Trader Solution to Expands Its White Label Liquidity Offering

A global provider of technology and liquidity for the FX and cryptocurrency markets, B2Broker recently announced the extension of its white label liquidity offering by merging with Match-Trader.

Digital Assets

UK launches open consultation to regulate crypto exchanges, custody, and lending

The government’s proposed measures have been informed by recent market events – including the failure of FTX – which reinforce the case for effective regulation and sector engagement.

<