FSCS pays £180m in 5 months as 7 extra corporations default 

FSCS declared seven failed corporations in default in August and September, it reported as we speak – opening the door to compensation claims from prospects.

The corporations embody a Monetary Planning enterprise, a pension and advantages adviser, a number of monetary advisory corporations and two credit score unions.

The corporations have gone out of enterprise and are deemed unable to fulfill any declare themselves, the FSCS mentioned.

The FSCS mentioned the variety of claims it receives for compensation continues to be substantial. Between April and August the FSCS processed over 67,000 claims and paid out over £180m in compensation, its newest figures present.

The corporations declared in default from 1 August to 30 September:

  • Birmingham Interior Circle Group Credit score Union Ltd (FRN 213254) Ladywood Group Centre, St Vincent Road West, Ladywood, Birmingham, B16 8RP
  • Daniel Stewart & Firm Plc, previously Oval Ltd buying and selling as Daniel Stewart & Firm Ltd (FRN 145026) 33 Creechurch Lane, London EC3A 5EB
  • FSP Ltd (FRN 607441) 20-22 Wenlock Highway, London, N1 7GU
  • Gloucestershire Credit score Union Ltd (FRN 214254) The Gloucester Library, Brunswick Highway, Gloucester, GL1 1HT
  • Mercia Monetary Planning Ltd (FRN 718251) Cranford North Road, Atherstone Warwickshire CV9 1JL
  • Nationwide Profit Consultants Restricted t/a The Pension Reporter (FRN 624316) The Stirrups, Kidderminster Highway, Cutnall Inexperienced, Droitwich Worcestershire WR9 0PW
  • Belief Monetary Consulting Ltd (FRN 401459) The Mount, 199 Beer Highway, Beer, Seaton, Devon, EX12 2QB

FSCS chief communications officer Lila Pleban mentioned: “Between April and the tip of August this 12 months FSCS processed 67,162 claims, paying prospects round £184m in compensation to get them again on observe when monetary corporations have failed.

“Our extremely expert and skilled claims employees are prepared to assist folks when a agency that owes them cash stops buying and selling. It is also simple for purchasers to assert immediately, freed from cost on the FSCS web site.”