FSCS declares 12 more firms in default

The Financial Services Compensation Scheme has declared 12 authorised and formerly authorised investments, life, pensions and home finance firms in default, meaning they are unable to pay claims for compensation made against them.

The latest tranche of defaults includes IFA firm Page & Page, who previously launched complaints to the Financial Ombudsman Service on behalf of clients invested in the Arm Asset Backed Securities fund.

Life and pensions firms in default include:

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• Kedends Limited, formerly T/A Gordon Keddie (Insurance) Limited (Newcastle-Upon-Tyne);

• Financial Solutions (Investment & Retirement Options Limited) (Morley);

• Abacus Financial Management Limited (Newbury);

• J A Unwin (deceased), trading as Havering Mortgage & Insurance Consultants (Romford); and

• Moneytalk Independent Financial Advisers Limited (Goole).

Investment companies in default include:

• Penwern Wealth Management LLP (Shrewsbury);

• Willow Financial Management LLP (Blaby);

• Berkeley Warburg Financial Planning Limited (Margate);

• Page & Page (Financial Services) Limited (Andover);

• Pretium Securities Limited (London); and

• Silverwind Securities Limited (London).

One home finance firm was declared in default: Washington Mortgage & Insurance Centre Limited (Washington).

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 any of these firms to get in touch with FSCS.”