FSCS declares 22 advice firms in default

The Financial Services Compensation Scheme has declared 29 firms in default, including 22 adviser firms covering mortgages, investments and life and pensions.

The FSCS has already begun paying compensation to customers of the firms recently declared in default.

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.

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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 22 advice firms declared in default include:

• Whitehall Financial Independent Limited (Sheffield);

• North West Mortgages Limited (Cheshire);

• Carterbar Holdings Limited (Cleveland);

• SAJ International (Harrogate);

• Bowyer Styles & Co Limited (Telford);

• FC Realisations Limited, formerly Fradley Croft IFA (Birmingham);

• Investrac Wealth Management Limited, formerly McKechnie Byles & Dawes Limited (Shrewsbury);

• The Redwood Partnership Limited (Northampton);

• Ager Financial Services Limited (Reading);

• Campbell Montague International Limited (London);

• Portfolio Financial Services Limited (Ealing);

• Bayliss & Company Financial Services Limited (Banbury);

• County FS Limited (Kent);

• London Asset Management Limited, formerly Regent Cavendish Limited (London);

• Ward Consultancy Limited (Reading);

• Sherwood Insurance Services (Hertford);

• Professional Financial Management (Somerset);

• Sutton and Shephard Limited, formerly Berkeley Associate and Company Limited (Bristol);

• Kingdom Asset Management Limited (Dunfermline);

• McDonald Insurance Services Limited (St Andrews);

• P3 Wealth Management Limited (Kirkliston); and

• Stewart Asset Management Group Plc (Glasgow).

From time to time the FSCS reveals a swathe of firms which it has declared unable to pay claims. The previous bulk default announcement was made in June of this year and listed 15 default advice firms.