More UK consumers are in line for compensation, as the Financial Services Compensation Scheme (FSCS) today announced the latest default declarations. The body declared nine firms in default in June and July 2021.
People who have dealt with any of the nine financial services firms listed below, and believe they are owed money as a result, can now make a claim to FSCS.
This vital service, which is free to consumers, protects money held in bank, building society and credit union accounts. It also protects pensions, insurance, investments, mortgage advice and arranging, and debt management.
Declarations by FSCS from 1 June to 31 July 2021 (nine firms):
- Capital Asset Management Ltd, formerly HSJ Asset Management Limited (FRN 503091), Goldfields House, 18A Gold Tops, Newport, South Wales NP20 4PH.
- Gateway Home Loans Ltd (FRN 475301), 101 Alfreton Road, Nottingham, Nottinghamshire NG7 3JL.
- Independent Financial Matters Ltd, t/a (trading as) Unite Financial Services (FRN 565401), 1 Radian Court, Knowlhill, Milton Keynes, Buckinghamshire MK5 8PJ.
- Karl Jones, t/a Total Financial Solutions (FRN 565890), Unit 4, The Beacon, Dafen, Llanelli, Carmarthenshire SA14 8LQ.
- Paradigm Financial Partners LLP (FRN 516430), 62 Drayton Road, Bletchley, Milton Keynes, Buckinghamshire MK2 3EW.
- Paxtons Insurances (FRN 140179), 25 The Calls, Leeds, West Yorkshire LS2 7EX
- Premiumwatch Financial Services Ltd, t/a PFS (FRN 470680), 27 Meadow Avenue, Goostrey, Crewe, Cheshire CW4 8LS.
- TFP (Life & Pensions) Ltd, t/a Medical & Professional (FRN 229766), Bridgefoot House, 159 High Street, Huntingdon, Cambridgeshire PE29 3TF.
- Westminster Financial Planning Ltd, formerly known as Westminster I.F.A. Ltd (FRN 191247), 15 Canada Square, London E14 5GL.
Before FSCS can pay compensation, it must be satisfied that an authorised financial services firm is not in a financial position to meet claims against it (e.g. if the firm has failed and entered an insolvency process such as administration or liquidation). FSCS describes this as being ‘in default’. The Scheme will declare a firm in default if:
- it has received at least one claim; and
- it is satisfied that the firm is unable to return money to eligible customers itself.
The Scheme is required to do this before it can pay compensation to eligible customers.
FSCS declared 10 firms in default in April and May 2021. The body declared 11 firms in default in March 2021.