9 firms declared in default by FSCS

Friday, 14 June 2024 07:36

The Financial Services Compensation Scheme, the safety-net scheme for retail investors, declared nine firms in default in April and May, it confirmed this week.

The default declaration opens the door to clients of the firms with valid claims to seek compensation of up to £85,000 per claim.

All the firms have gone out of business and are unable to meet claims themselves.

The FSCS has stressed that its service is free to customers and protection covers money held in bank, building society and credit union accounts. The FSCS also protects clients investing in pensions, financial advice, insurance, investments, mortgage advice and arranging, debt management and funeral plans.

Emma Barrow, head of communications at the FSCS, said: “FSCS is here to protect consumers and contribute to financial stability. We provide a free and independent service to get people back on track when financial firms fail.”

Defaults declared by FSCS from 1 April 2024 to 31 May 2024 (9 firms):

Firm	Address	Date declared in default
Castle & Crystal Credit Union Ltd (FRN 213711)	25 New Street, Dudley, DY1 1LT	21 May 2024
Chestergate Financial Services Ltd, formerly Bradshaw Bennet Independent Financial Advisers Ltd (FRN 459990)	The Cooney Building Riseley's Passage (Off Chestergate) Macclesfield Cheshire SK11 6DG	14 May 2024
Alexander David Securities Limited (FPN 469150)	49 Queen Victoria Street London EC4N 4SA	30 April 2024
Atlantic Investors (Scotland) Ltd (FRN 182565)	180 West Regent Street Glasgow Lanarkshire G2 4RW	19 April 2024
PH7 Wealth Management Ltd, formerly The Pension Place Ltd trading as PH7 Mortgages, PH7 Insurance Brokers (FRN 842598)	Churchill House Third Floor 60 Bank Parade Burnley BB11 1TS	12 April 2024
WR Simon Ashley Silver Independent Financial Advisor Ltd (FRN 209539)	38 Dunford Road, Holmfirth, West Yorkshire, HD9 2DP	12 April 2024
Go IFA Ltd, formerly Stevton Ltd, trading as Go IFA Ltd, Go IFAs (FRN 530741)	124 City Road London EC1V 2NX	10 April 2024
Oakwood Financial Management LLP (FRN 225473)	Bayley House 22-23 Bayley Lane Coventry West Midlands CV1 5RJ	10 April 2024
Finsbury Financial Ltd, trading as Finsbury (FRN 503294)	South Building Upper Farm Wootton St Lawrence Basingstoke Hampshire RG23 8PE	9 April 2024

Source: FSCS

The FSCS was set up by Parliament in 2001 under the Financial Services and Markets Act 2000. It is funded by a levy on financial firms authorised by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).