RegulationJun 13 2013

FSCS declares 15 advice firms in default

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Fifteen advice firms have been declared in default by the Financial Services Compensation Scheme.

By declaring the firms in default the FSCS believes the companies are unable to pay claims for compensation against it. It must also have received at least one claim against the firm.

For claims relating to mortgage advice or arranging mortgages, the FSCS can pay up to £50,000 per person for defaults on or after January 2010.

The firms include:

• Hallmark Limited (York);

• Strachan and Windram Limited (Northampton);

• Grosvenor (FP) Limited (High Wycombe);

• Nash-Smith Martin & Company (London);

• Blue Water Independent Financial Advisors Limited (Edingworth);

• John Ellis IFA Limited (Week St Mary);

• McRoberts Financial Services (Belfast);

• GMF Marketing Services Limited (Londonderry);

• Capital Management (Glasgow);

• Clark & Wallace Consultants Limited (Aberdeen);

• Independent Money Information Limited (Dundee);

• Let’s Invest It Limited (Glasgow);

• R M McKinnie & Co (Perth);

• Moneyquest (UK) Limited (Glasgow); and

• Alan Britton Associates (Swansea)

Mark Oakes, head of communications for the FSCS, said: “We have already started paying compensation in respect of these firms. However, we are encouraging anyone who has not been contacted by us and believes they may be owed money as a result of their dealings with either one of these firms to get in touch with the FSCS.”