FSCS declares 28 advisory firms in default

The scheme has already started paying compensation in respect of the defaulted firms, but published the full list to help customers claim compensation.

Among the firms are London-based advisory firm 20Twenty Independent, which entered liquidation proceedings in 2013 amid complaints over controversial tax-mitigating film schemes.

London-based Morgans Independent Advisers was also previously put into liquidation in 2009 and was last year followed up by Rebus Investment Solutions after an investor began pursuing litigation in order to recoup losses of £500,000 as a result of being missold an unregulated collective investment scheme.

Also on the list is Sutton Coldfield-based Staverton Wealth Management, which held Daniel Conway as a director, who was banned by the Financial Conduct Authority for being incompetent and incapable of properly discharging his duties.

Cambridgeshire-based Unwin Financial Services Limited has also been found in default. Its owner Stuart Unwin was banned by the Financial Service Authority in 2012 over shortcomings in occupational pension transfers advice.

In addition to these firms, the other investment and life and pensions companies found to be in default are:

• Broadbent Mawson Financial Consulting Ltd (Ashton-under-Lyne);

• Shirebrook Financial Services Ltd (Chorley);

• TFP Wealth Management Ltd, formerly Margetts Financial Services Ltd (Bury);

• Abacus Investment Management (Brierley Hill);

• KPM Financial Planning Ltd (Willenhall);

• MWM Investments Ltd, trading as IFA International, formerly Maple Wealth Management Ltd (Burton-on-Trent);

• Pilgrim Trustee Services Ltd (Birmingham);

• E Amos and J Dainty (both deceased), trading as Horace V Amos & Sons (Willenhall);

• Crawford Scott Ltd (Brentwood);

• Beacon Financial Ltd (Kimbolton);

• First Choice Olympic Ltd, formerly Fraser Marr Financial Services Ltd (London);

• Fraser Financial Services (St Albans);

• Lifetime Financial Services Ltd (Hastings);

• Michael James Financial Services (Brighton);

• Mr John Dixon, trading as Insurance Centre Financial Services (Eastleigh);

• Mr Neil Heward, trading as The Colchester Mortgage Centre and The Building Society Shop (Colchester);

• Trinity House Financial Planning Ltd (Petteridge);

• Copeland and Co (Bedford);

• DJ Wiltshire (deceased), trading as Genesis Insurance Services (Southampton);

• BSO Independent Financial Advisers Ltd (Ferndown);

• PTP Financial Services Ltd (Cheltenham);

• Professional Financial Consulting Ltd (Aberdeen);

• Protection Plus Ltd (Swansea); and

• Pure Options Solutions Ltd (Cardiff)

Mark Oakes, FSCS head of communications, said: “If anyone believes they may be owed money as a result of their dealings with any of these firms, please get in touch with FSCS, as we may be able to help you.”