FSCS confirms nine companies defaulting
The FSCS confirmed that nine companies were declared in breach of contract in April and May 2024, resulting in more consumers being compensated.
Recently, the UK Financial Services Compensation Scheme (FSCS) confirmed that nine companies were declared bankrupt between April and May 2024. These companies have been unable to fulfill their compensation obligations to customers due to poor financial management.
Consumers who have had financial dealings with these companies can visit the FSCS official website (www.fscs.org.uk/what-we-cover) to understand the relevant protection measures. When regulated financial firms cease trading and are unable to pay customer claims, the FSCS intervenes to provide compensation.
The FSCS protection covers funds held in bank, building society, and credit union accounts, as well as pensions, financial advice, insurance, investments, mortgage advice and arranging, debt management, and funeral plans.
Below is the list of companies declared bankrupt by the FSCS between April 1, 2024, and May 31, 2024:
1. Castle & Crystal Credit Union Ltd (FRN 213711)
Address: 25 New Street, Dudley, DY1 1LT
2. Chestergate Financial Services Ltd, formerly Bradshaw Bennet Independent Financial Advisers Ltd (FRN 459990)
Address: The Cooney Building, Riseley’s Passage (Off Chestergate), Macclesfield, Cheshire, SK11 6DG
3. Alexander David Securities Ltd (FRN 469150)
Address: 49 Queen Victoria Street, London, EC4N 4SA
4. Atlantic Investors (Scotland) Ltd (FRN 182565)
Address: 180 West Regent Street, Glasgow, Lanarkshire, G2 4RW
5. PH7 Wealth Management Ltd, formerly The Pension Place Ltd, trading as PH7 Mortgages, PH7 Insurance Brokers (FRN 842598)
Address: Churchill House, Third Floor, 60 Bank Parade, Burnley, BB11 1TS
6. WR Simon Ashley Silver Independent Financial Advisor Ltd (FRN 209539)
Address: 38 Dunford Road, Holmfirth, West Yorkshire, HD9 2DP
7. Go IFA Ltd, formerly Stevton Ltd, trading as Go IFA Ltd, Go IFAs (FRN 530741)
Address: 124 City Road, London, EC1V 2NX
8. Oakwood Financial Management LLP (FRN 225473)
Address: Bayley House, 22-23 Bayley Lane, Coventry, West Midlands, CV1 5RJ
9. Finsbury Financial Ltd, trading as Finsbury (FRN 503294)
Address: South Building, Upper Farm, Wootton St Lawrence, Basingstoke, Hampshire, RG23 8PE
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