FSCS declares DFM in default

FSCS declares DFM in default

A discretionary fund manager that went into insolvency earlier this year has been declared in default by the Financial Services Compensation Scheme.

Today the FSCS declared 17 firms in default and London-based DFM Strand Capital was among them.

The list also included advice firms such as Leicestershire-based Financial Wisdom, Lincolnshire-based Calland Insurance & Mortgage Services and Edinburgh-based Medical & Professional Financial Management.

Mark Oakes, head of communications at the FSCS, said: “The FSCS steps in to protect consumers around the UK when authorised financial services firms go bust.

“This vital and free service protects your deposits, investments, home finance and insurance.”

He said anyone who may be owed money as a result of dealing with any of these firms should get in touch with the FSCS.

Strand Capital formally entered special administration in May after an assessment found it was no longer solvent.

At the time it was estimated around 3,000 customers would be affected by the company going into administration.

According to the company's website, Strand Capital managed five model portfolios, all with a minimum investment of £10,000.

Since its inception in 2001, the FSCS has helped more than 4.5 million people, paying out more than £26bn in compensation.