Compensation claim help for customers of 27 companies in default
The Financial Services Compensation Scheme (FSCS) is reminding consumers they can claim up to £48,000 if they have lost money from any of 27 investment firms recently declared in default. The scheme offers a free service to customers of authorised financial services firms.
The FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA). It is a statutory compensation scheme for customers of authorised financial services firms. The FSCS can only pay compensation if a firm is unable, or likely to be unable, to pay claims against it. Compensation is intended to return customers the position they would be in if they had not made the investment. There is a £48,000 per person limit for investment claims.
Before paying any compensation claims the FSCS must be satisfied a firm is unable to meet any claims, they can then be declared in default. Usually the Scheme deals with investment claims relating to bad advice. For example a customer advised to buy an investment such as an endowment policy which was unsuitable and resulted in them losing money.
By releasing this latest list of firms in default the FSCS hopes to alert customers who have lost money that they may be entitled to claim compensation. John Clark, Director of Claims, said “It is important that we let customers of the 27 firms know that FSCS may be able to help if they have lost money and the firm cannot pay.” Customers who feel they may be entitled to claim can contact the FSCS on 020 7892 7300. Their website contains further information on claiming compensation. The following is a list fof the firms declared in default:
- Turbin Financial Management Limited
- P Harding t/a Medical Assurance Bureau
- R P K Goldsmith Insurance Consultants
- Universities Assurance Services Limited
- W Gaddes t/a Gaddes & Son
- E Warburton & D Kennedy t/a Allerton Mortgage & Insurance Consultants
- M Adams, K Rendle-Barnes and others, formerly t/a Longden Cook Financial Services
- W Cartwright (Financial Services) Limited (Formerly W. Cartwright Limited Formerly W. Cartwright & Company Limited)
- Alisdair Robertson t/a A Robertson Financial Services
- Tax & Financial Planning (Scotland) Limited
- Anthony Lucas (Insurance Brokers) Limited
- Beaver Hill & Ellis Limited (Formerly t/a Beaver Hill & Ellis (Hampshire) Limited)
- Doshi Financial Services Limited (formerly Merchants Financial Consultants Limited)
- Jarvis Watson (Life & Pensions) Limited
- Jonathan Fell (Life & Pensions)
- Matthew Gerard & Company Limited
- Peter Frederick Associates
- Richards IFA Limited
- Riverside (Independent Financial Advisers) Limited
- Specialists Asset Management (formerly Ex-Patz, formerly Schemez )
- Absolute Insurance Services Limited (formerly Filbuk 64 Limited)
- David Sheppeard (Life & Pensions) Limited
- Derek Parry (Life & Pensions) Limited
- PIB Limited
