Financial Services Compensation Scheme  

FSCS declares advice firm in default

FSCS declares advice firm in default
 

The Financial Services Compensation Scheme has declared A to Z Mortgages Ltd in default after the firm was unable to meet any claims itself.

The FSCS declared the firm, which was also trading as Dunure Asset Management, in default yesterday (May 24).

So far, it has received eight claims in total against the firm which relate to pension transfers and mortgage advice.

The lifeboat scheme said none of these claims are for transfers from the British Steel Pension Scheme.

Earlier this month, the FSCS declared Juno Moneta Capital Management Limited, formerly Corcillum Limited and trading as Morgan Peterson and BL Financial, in default.

This came after the FSCS named two companies suspected of trying to scam London, Capital & Finance (LCF) investors in April.

Around the same time, it declared Integrity IFA in default and back in March it announced Philip Griffin & Associates was also in default.

Also in March, the FSCS declared two advice firms in default, one of which was facing 41 claims and previously advised on British Steel pension transfers.

At the time, the FSCS said all 41 claims levied by former clients of John Dyer were in progress.

The other advice firm, SDSC Ltd - formerly SJL Wealth Management - had attracted a lesser two claims. Both related to pension transfers but neither were linked to BSPS, according to the FSCS.

sonia.rach@ft.com

What do you think about the issues raised by this story? Email us on FTAletters@ft.com to let us know