Regulation  

FSCS declares 24 financial firms in default

FSCS declares 24 financial firms in default

The Financial Services Compensation Scheme has said customers of 24 financial firms could be eligible for compensation, after it declared the firms to be in default.

The failed firms included 12 investment companies and five life and pension companies. The remainder were general insurers.

The FSCS said it was satisfied the firms in question were unable to pay claims, paving the way for customers to make a claim for compensation.

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

The life and pension companies in question were Citri Limited, Owen James Freeman, Barnes Independent Financial Advice, Ian Ferrell Associates Limited and Policies Checked Limited.

The investment firms were Omega Consulting (Norwich), Enys Road, Heraldend, Porta Verde Financial Services, Formation Asset Management, FMG Wealth, Spence and Spence, Daniel Marshall Associates, Private Portfolio Management, Platinum Wealth Group and Thomas Hall Partnership, Hirst & Company and Nicholas Welsh and Co.

james.fernyhough@ft.com