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Business connected to chartered firm declared in default

Business connected to chartered firm declared in default

A business with a similar name and the same address as a firm of chartered financial planners has been declared in default by the Financial Services Compensation Scheme (FSCS).

Greystone Wealth Management, which was the trading name of RW Harris Ltd, was on a list of nine firms declared in default during July.

Based at the same address in Cheshire is Greystone Financial Services, which is a chartered firm managing £1bn of client assets and which is still trading.

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The two firms also share a number of members of staff, some of whom are still involved with Greystone Financial Services, according to the Financial Conduct Authority's register.

Also declared in default were Birmingham-based Ashfield Financial Planning (UK), London-based The Mortgage Consultants and Manchester-based Care Asset Management.

A declaration of default means the FSCS is satisfied a firm is unable to pay claims for compensation made against it, which paves the way for customers of that firm to make a claim for compensation.

Alex Kuczynski, chief corporate affairs officer at the FSCS, said: "The FSCS steps in to protect consumers around the UK when authorised financial services firms go bust. This vital service, which is free to consumers, protects your deposits, investments, home finance and insurance.

"We want anyone who believes they may be owed money as a result of their dealings with any of these firms to get in touch as we may be able to help you."

Since it began in 2001, the FSCS has helped more than 4.5m people, paying out more than £26bn in compensation.

Greystone Financial Services declined to comment.

damian.fantato@ft.com