The Financial Services Compensation Scheme (FSCS) has declared 13 firms in default during November and December including several wealth management and Financial Planning firms.
A declaration of default by the FSCS opens the door to compensation for clients who can now submit claims to the FSCS.
Among the firms declared in default in the past two months are Optimus Wealth Management Limited (London EC1), Ober Private Clients Limited (Manchester), Walker Woodhead Financial Planning Limited of Bury, Lancs and Dexia PAM Limited (formerly Pembroke Asset Management) of London SE1.
Many of the firms went into administration or liquidation some time ago.
The full of firms in default is below:
November 2020 – 9 firms
- Barnbeck Limited t/a Brecks Saab, FRN: 312552, Great North Way, Nether Poppleton, York, North Yorkshire YO26 6RB
- Dexia PAM Limited formerly Pembroke Asset Management Ltd t/a Day Hartley & Pembroke Limited, FRN: 116383, Shackleton House, 4 Battle Bridge Lane, London SE1 2GZ
- Direct Market Touch Limited, FRN: 490521, c/o 9 New Street, London EC2M 4TP
- Drew (UK) Financial Services, FRN: 180995, 28 Middleton Avenue, Sidcup, Kent DA14 4JW
- Fiducia Wealth Solutions Limited formerly Regen Investments Limited, FRN: 646975, 45 Hornbeam Avenue, Bexhill-on-Sea, East Sussex TN39 5JQ
- J L Fisher Financial Services Limited, FRN: 116035, 60 King’s Walk, Gloucester, Gloucestershire GL1 1LA
- Mentor Financial Limited, FRN: 179105, 6 High Street, Datchet, Slough, Berkshire SL3 9EA
- Stephen Davies (Haverfordwest) Limited t/a Imperial Garages, Imperial Leisure, Imperial Marine, FRN: 313079, Imperial Garages, Portfield, Haverfordwest SA61 1DY
- Wingray Autos Limited, FRN: 312447, Woolton Garage, Menlove Avenue, Liverpool, Merseyside L25 7SB
December 2020 – 4 firms
- Horbury Bridge Garages Limited, FRN: 315045, 223 Bridge Road, Horbury, Wakefield, West Yorkshire WF4 5QA
- Optimus Wealth Management Limited formerly Howard & Co (Mortgages) Limited, Panayi Limited, FRN: 432564, Office 101, 1st Floor, 200 Aldersgate, London EC1A 4HD
- Ober Private Clients Limited, FRN: 706215, We Work Building, One St Peter’s Square, St Peter’s Square, Manchester M2 3DE
- Walker Woodhead Financial Planning Limited t/a Walker Financial Planning Limited, FRN: 401158, 70 Market Street, Tottington, Bury, Lancashire BL8 3LJ
FSCS chief executive Caroline Rainbird, interviewed recently in Financial Planning Today Magazine, said: “Because these firms are unable to pay back the money they owe their customers, FSCS can step in and pay them compensation. As chief executive, I see first-hand the important role FSCS plays to help people who have lost money through their dealings with financial services firms that have failed or are no longer trading.
“The impact of their financial loss should not be underestimated. People who claim through FSCS are often vulnerable. We treat each person with empathy and understanding as their claim is progressed.”
Since it began in 2001, FSCS has help compensate more than 4.5m people.
Claims can be made to https://claims.fscs.org.uk/