The Monetary Companies Compensation Scheme, the safety-net scheme for retail traders, declared 9 companies in default in April and Might, it confirmed this week.
The default declaration opens the door to purchasers of the companies with legitimate claims to hunt compensation of as much as £85,000 per declare.
All of the companies have gone out of enterprise and are unable to satisfy claims themselves.
The FSCS has pressured that its service is free to prospects and safety covers cash held in financial institution, constructing society and credit score union accounts. The FSCS additionally protects purchasers investing in pensions, monetary recommendation, insurance coverage, investments, mortgage recommendation and arranging, debt administration and funeral plans.
Emma Barrow, head of communications on the FSCS, stated: “FSCS is right here to guard shoppers and contribute to monetary stability. We offer a free and impartial service to get folks again on monitor when monetary companies fail.”
Defaults declared by FSCS from 1 April 2024 to 31 Might 2024 (9 companies):
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Agency
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Handle
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Date declared in default
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Fort & Crystal Credit score Union Ltd (FRN 213711)
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25 New Avenue, Dudley, DY1 1LT
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21 Might 2024
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Chestergate Monetary Companies Ltd, previously Bradshaw Bennet Unbiased Monetary Advisers Ltd (FRN 459990)
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The Cooney Constructing Riseley’s Passage (Off Chestergate) Macclesfield Cheshire SK11 6DG
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14 Might 2024
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Alexander David Securities Restricted (FPN 469150)
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49 Queen Victoria Avenue London EC4N 4SA
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30 April 2024
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Atlantic Buyers (Scotland) Ltd (FRN 182565)
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180 West Regent Avenue Glasgow Lanarkshire G2 4RW
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19 April 2024
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PH7 Wealth Administration Ltd, previously The Pension Place Ltd buying and selling as PH7 Mortgages, PH7 Insurance coverage Brokers (FRN 842598)
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Churchill Home Third Flooring 60 Financial institution Parade Burnley BB11 1TS
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12 April 2024
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WR Simon Ashley Silver Unbiased Monetary Advisor Ltd (FRN 209539)
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38 Dunford Street, Holmfirth, West Yorkshire, HD9 2DP
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12 April 2024
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Go IFA Ltd, previously Stevton Ltd, buying and selling as Go IFA Ltd, Go IFAs (FRN 530741)
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124 Metropolis Street London EC1V 2NX
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10 April 2024
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Oakwood Monetary Administration LLP (FRN 225473)
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Bayley Home 22-23 Bayley Lane Coventry West Midlands CV1 5RJ
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10 April 2024
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Finsbury Monetary Ltd, buying and selling as Finsbury (FRN 503294)
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South Constructing Higher Farm Wootton St Lawrence Basingstoke Hampshire RG23 8PE
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9 April 2024
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Supply: FSCS
The FSCS was arrange by Parliament in 2001 underneath the Monetary Companies and Markets Act 2000. It’s funded by a levy on monetary companies authorised by the Prudential Regulation Authority (PRA) or the Monetary Conduct Authority (FCA).
