Here’s what to do if you have been given pension advice by any of the firms that are no longer trading.
The Financial Services Compensation Scheme (FSCS) has begun accepting claims against five failed finance firms in the past week.
The FSCS makes a declaration of default when they are satisfied a firm is unable to pay claims for compensation made against it. This opens up the way for customers of that firm to make a claim for compensation.
Who were the firms?
Firms declared in default in February and March 2022 are:
- John Dyer (Life & Pensions) Ltd (FRN 125135), 100 Walter Road, Swansea, SA1 5QE
- Perry Prowse (Insurance Consultants) Ltd (FRN 311916), Hampton House, 23 Longbrook Street, Exeter, EX4 6AB
- Philip Griffin & Associates (FRN 139008), Langburn Bank, Castleton, Whitby, North Yorkshire, YO21 2EU
- SDSC (Midlands) Ltd, formerly t/a SJL Wealth Management Ltd (FRN 496209), Vicarage Corner House, 219 Burton Road, Derby, Derbyshire, DE23 6AE
- Strathkelvin Credit Union Ltd (FRN 213891), 3 Catherine St, Kirkintilloch, Glasgow, G66 1JB
This follows a busy start to the year, with 12 firms declared in default last month. The FSCS has stated it has already received claims against a number of firms related to SIPPs and other types of investment claims. The 12 declared in default earlier this year were:
- All Flintshire Credit Union Ltd (FRN 213641), Estate House, 26 High Street, Flintshire, CH8 7LH.
- Argent Wealth Limited t/a Orchard Financial Planners, Morley James Asset Management (FRN 515379), Evolve Building, Cygnet Way, Houghton le Spring, DH45 5QY.
- Channel One Financial Planning LLP t/a Channel One Financial Services (FRN 542078), Unit C12, Ledston Luck Enterprise Park, Leeds, LS25 7BF.
- Financial Planning Solutions (UK) Limited (FRN 453409), Richmond House, 65 High Street, Thornbury, Bristol, BS35 2AP.
- Foresight Financial Services Limited t/a Foresight (FRN 479805), 30 Dysgwylfa Sketty, Swansea, SA2 9BG.
- FT Stockbrokers Limited (FRN 477850), Unit A1/E, Crabtree Road, Thorpe Industrial Estate, Egham, TW20 8RN.
- Hamilton Rose Wealth Management Limited t/a Athena Wealth t/a www.theisaexpert.co.uk (FRN 650305), Holly Farm, Clipstone Road, Mansfield, NG21 9JD.
- Midland Independent Financial Services Limited formerly The Mortgage Shop (1977) Limited (FRN 304129), 153 Avon Road, Cannock, WS11 1LF.
- PWH Financial Planning Ltd t/a WGN Wealth Management (FRN 506351), Victoria House, 14a Bradford Road, Leeds, LS20 8NH.
- PWM Advisers Limited (FRN 466612), 5 Green Lane, Cardrona, Peebles, Scottish Borders, EH45 9LJ.
- South Coast Trade Centre Limited (FRN 452440), 10 East Street, Fareham Hants, PO16 0BN.
- The Energy Advisory Centre (UK) Limited (FRN 679388), 1st Floor, 24 Blythswood Square, Glasgow, G2 4BG.
Who are the FSCS?
The Financial Services Compensation Scheme (FSCS) is the UK's statutory deposit insurance and investors compensation scheme for customers of FCA authorised financial service firms. The FSCS will compensation consumers if a FCA regulated firm is unable to.
The FSCS enforces a levy on all FCA regulated firms which is paid into an annual compensation pot. The levy for 2021/22 is £833m. It has often been described as a “lifeboat fund” for consumers who deserve compensation after a mis-selling or negligent financial advice.
It is independent of the Government and the financial industry, and was set up under the Financial Services and Markets Act 2000, becoming operational on 1 December 2001. They do not charge individual consumers for using their service.
What to do if you’ve received advice from a failed firm
If you have received pension or SIPP advice from one of the failed firms, our expert panel of mis-sold SIPP solicitors can help. Our panel can liaise with the FSCS on your behalf and ensure you get the compensation you deserve if you have been misled and mis-sold.
ClaimExperts.co.uk have an expert panel of mis-sold SIPP solicitors who can help you:
- File a SIPP complaint with your financial advisor and/or SIPP provider
- Liaise with the FSCS and the FOS to go through your claim
- Meticulously go through all of the paperwork to see if a mis-selling has occurred
- Have all correspondence and communication with your SIPP advisor or provider, and liaise with them on your behalf
- Get you your deserved compensation paid to you, as soon as possible
If your financial advisor or SIPP provider is no longer trading, our panel can help you claim via the Financial Services Compensation Scheme (FSCS).
ClaimExperts.co.uk - We Are Here to Help You
Our mission is to provide comprehensive claim guides for multiple claims, and connect you with expert legal firms.
Our Most Popular Claim Guides
Important Information:
Fairweather Group Ltd t/a ClaimExperts.co.uk do not give legal advice. You do not need to use a claims management company to make a claim. You have the right to use the relevant Ombudsman to seek redress for free. More information on your particular Ombudsman can be found on our Terms & Conditions. You can also seek legal advice elsewhere.
The No Win No Fee Success Fee is based on which expert panel member we refer you to and is payable to them. Our panel currently consists of a number of law firms, which can also be found on our Terms & Conditions. The No Win, No Fee varies, but is generally between 25%- 50%+VAT.
There may be a termination fee if you cancel your claim with a panel member after the cooling-off period. We are paid a referral fee by our panel members for a successful introduction. Fairweather Group Ltd will not charge you for our service.
About the author
The ClaimExperts Team
Here at ClaimExperts.co.uk, we like to keep on top of current news related to all sorts of legal matters and queries. On our blog, you will find recent news, opinions and useful information in relation to lots of claim types.