The Monetary Providers Compensation Scheme, the safety-net scheme for retail buyers, declared eight corporations in default in June and July, it has confirmed.
The default declaration opens the door to purchasers of the corporations with legitimate claims to hunt compensation of as much as £85,000 per declare.
All of the corporations have gone out of enterprise and are unable to fulfill claims themselves.
The FSCS has confused that its service is free to clients 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.
Jonathan Pallant, head of stakeholder and public affairs on the FSCS, mentioned: “We all know it may be extremely nerve-racking shedding cash when a monetary agency fails. That’s the reason we’re reaching out to let clients know that they might be eligible for compensation if they’ve misplaced cash with any of the eight UK-regulated monetary providers corporations that failed in June and July 2024.”
Defaults declared by the FSCS from 1 June to 31 July had been:
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Agency
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Handle
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Date declared in default
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Haich & Associates Restricted previously 14Lights Restricted, NPD Worldwide Restricted (FRN 791582)
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61 Bridge Avenue, Kington, England, HR5 3DJ
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11/06/24
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Broadlands Partnership (FRN 402268)
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41 Ludlow Avenue Penarth Vale of Glamorgan CF64 1EX
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14/06/24
|
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Elliot Monetary Providers Restricted (FRN 185289)
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31 Rutland Sq., Edinburgh, EH1 2BW
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20/06/24
|
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Mackie Wealth Administration Restricted (FRN 498322)
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21 Windsor Esplanade, Cardiff, CS10 5SG
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20/06/24
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MacInnes & Bottomley
(FRN 121661)
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101 West Nile Avenue, Glasgow, G1 2SD
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27/06/24
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Holistic Pension Switch Specialists Restricted buying and selling as HPTS (FRN 747407)
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Unit 02F, The Glass Yard, Sheffield Street, Chesterfield, S41 8JY
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03/07/24
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J Monroe Restricted buying and selling as Compendium Wealth, Summit Wealth Administration (FRN 791232)
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Hinksey, Birchington Shut, Bexhill-on-Sea, East Sussex, TN39 3TF
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04/07/24
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Ozen Monetary Providers Restricted (FRN 670187)
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Capital Workplace, Kemp Home, 152-160 Metropolis Street, London, EC1V 2NX
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05/07/24
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Supply: FSCS
The FSCS was arrange by Parliament in 2001 below the Monetary Providers and Markets Act 2000. It’s funded by a levy on monetary corporations authorised by the Prudential Regulation Authority (PRA) or the Monetary Conduct Authority (FCA).
