Seven Monetary Planning companies entered default in June and July.
The FSCS confirmed that the companies have been declared in default, which means they’ve gone out of enterprise and are unable to satisfy any claims themselves.
The transfer opens the door for shoppers to lodge claims towards companies with the compensation physique.
The seven companies who’ve entered into default are:
- Thomas Monetary Ltd (FRN 473555) The Hollies, Isca Highway, Caerleon, Newport, Gwent, NP18 1QG
- MacFarlaine & Brooks IFA Ltd (FRN 612753) 651a Mauldeth Highway, West Chorlton, Manchester M21 7SA
- Wealthmasters Monetary Administration Ltd buying and selling as Gryphon Capital, Invictus Wealth, Sydney Charles UK (FRN 536087) Atlantic Home, Charnwood Park, Bridgend, Mid Glamorgan, CF31 3PL
- Prism Unbiased Monetary Advisers Ltd (FRN 515431) 22 Risca Highway Newport Gwent NP20 4JW
- Maymont Wealth Restricted previously GWM Funding Administration Restricted t/a Uncover Wealth (FRN 629098) third Flooring, 33 Bruton Avenue, London, W1J 6QU
- Cheshire Trafford U.Ok. Restricted previously Cheshire Trafford (Yorkshire) & Co. Restricted (FRN 115194) 34 St. Augustines Gate, Hedon, East Yorkshire, HU12 8EX
- Temple Park Monetary Providers (FRN 163459) 12 Templegate Stroll, Leeds, West Yorkshire, LS15 0EU
Leeds-based monetary adviser Temple Park Monetary Providers was declared in default in July after seven claims associated to endowment mortgage gross sales.
Based on the FCA Register, the agency had 14 regulated people, together with a number of CF24 pension switch specialists, though the FSCS stated there have been no pension switch claims.
The agency ceased to be authorised in 2009 and was beforehand authorised by FCA predecessor the FSA.
The agency, based mostly in Templegate Stroll, Leeds, had a number of appointed representatives together with Carter Monetary Planning (FRN 20616), GRF Monetary Restricted (FRN 224815) and Pension & Funding Centre (FRN 221960).
Cheshire Trafford U.Ok. Restricted (previously Cheshire Trafford (Yorkshire) & Co. Restricted) was a monetary recommendation agency based mostly in Kent. The FSCS has obtained 4 claims towards the agency referring to pension switch and funding recommendation. All the claims are nonetheless in progress.
The agency has not been authorised since 27 January when its authorisation was cancelled by the FCA. The companies’ authorisation was cancelled when it went into administration. The FCA register lists 36 folks beforehand related to or working for the agency.
Maymont Wealth Restricted (previously GWM Funding Administration Restricted, Uncover Wealth Restricted, Guardian Life-style Mortgages Restricted, Keystone Unbiased Restricted) was London-based and went into liquidation in 2015.
The FSCS has obtained seven claims referring to pension switch and SIPP recommendation. All the claims are nonetheless in progress.
The FCA lists 12 people working for or related to the agency.
Maymont was topic to an asset restriction in April 2021 when it was ordered to not promote or switch any belongings or funds away from the corporate with out the prior written consent of the FCA.
Cardiff-based Prism Unbiased Monetary Advisers entered FSCS default on 11 July following voluntary liquidation in December 2020.
The FSCS has obtained 53 claims thus far towards Prism. Some 50 claims are in progress, 2 have been rejected, and 1 upheld. All claims are pension switch associated.
The agency was based in September 2000 by Martin Evans and Andrew Charles.
Wealthmasters Monetary Administration entered default on 11 July, and is not buying and selling.
Up to now the FSCS has obtained 58 claims towards the agency. Some 54 are in progress, 3 have been rejected, and 1 has been upheld. All claims are pensions and funding recommendation associated.
The Bristol-based agency additionally traded as Gryphon Capital, Invictus Wealth, and Sydney Charles UK.
Each companies have been related to claims associated to British Metal Pension Scheme (BSPS) members.
Thomas Monetary was a monetary recommendation agency based mostly in Newport, Gwent. There have been two claims towards the agency thus far – one rejected, one upheld and triggering the default, the FSCS stated. Each claims have been for pensions recommendation, with the upheld declare for a pension switch.
The agency had been energetic since 2007 and in addition traded below the names Steve Thomas Monetary Providers, Chepstow Monetary Providers and Any Mortgage Issues. It had additionally beforehand traded below the title Non-public Planning Options.
The director of the agency was Stephen Glyn Thomas, a member of the Chartered Insurance coverage Institute who’s a former funding adviser with Quilter Monetary Planning Options. Based on the FCA Register, Mr Thomas has additionally extra not too long ago labored for True Potential Wealth Administration.
MacFarlaine & Brooks IFA entered default in June, with 8 claims for unsuitable recommendation referring to pensions and investments.
Two of the claims towards MacFarlaine & Brookes have been rejected, one upheld, and the remaining 5 are in progress, the FSCS stated.
The agency has not been authorised by the FCA since December 2020.
The agency was based in November 2013 and was dissolved on 17 January 2023. Firms Home first notified that it deliberate to strike the corporate off its register in April 2021.
MacFarlaine & Brooks was a full-service recommendation agency specialising in pensions, investments, safety and mortgages. It had belongings of £20m below administration on behalf of over 1,000 shoppers.
Lila Pleban, chief communications officer on the FSCS, stated: “Within the final monetary yr, FSCS paid out over £400m in compensation, serving to nearly 68,000 folks get again on monitor financially. We all know it is aggravating when a agency goes bust owing its clients cash however our skilled claims handlers do the whole lot they will to make our free compensation course of as simple as doable.”
FSCS safety covers cash held in banks, constructing societies and credit score union accounts. The FSCS additionally protects insurance coverage, investments, mortgage recommendation and arranging, debt administration and funeral plans.