Financial Services Compensation Scheme  

FSCS receives 36 claims against seven advice firms

FSCS receives 36 claims against seven advice firms

The Financial Services Compensation Scheme has declared seven advice firms in default in June and July, which together have caused 36 claims to be brought to the service to date.

In an update this week (September 1), the FSCS said people who have dealt with any of the firms listed and believe they are owed money can now make a claim.

Capital Asset Management, formerly known as HSJ Asset Management, has sparked four claims to date. Of these, two were successful and two are in progress.

The scheme has paid out £74,000 so far in relation to Sipps and pension transfer advice.

Independent Financial Matters, trading as Unite Financial Services, has accumulated six claims, of which only one was successful.

The claims covered Sipps, pension transfer advice and re-mortgaging.

Karl Jones, trading as Total Financial Solutions, caused 22 clients to register claims.

Of these, two were successful, two unsuccessful, and 18 are in progress, covering Sipps, debentures, investment bonds and unregulated collective investment schemes.

The service has paid out more than £77,000 to two customers to date.

Paradigm Financial Partners, Premiumwatch Financial Services, and TFP (Life & Pensions) trading as Medical & Professional have each received one claim in relation to a Sipp, which were all successful.

Westminster Financial Planning, formerly known as Westminster I.F.A., has also sparked one successful claim to date. This concerned unregulated collective investment schemes.

James Darbyshire, chief counsel at FSCS, said: “We are reaching out to let people know that compensation may be available if they have suffered losses due to the failure of a financial services firm.

"We are a free and independent service and customers can claim directly from us.”

Last year, the FSCS declared 45 firms in default, including 30 advice firms.

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