FSCS declares 4 adviser companies in default

The Monetary Providers Compensation Scheme has declared in default 4 recommendation companies – primarily based in Manchester, London, Honiton in Devon and Rayleigh in Essex.

The declaration opens the door to purchasers claiming compensation agains the failed companies.

All 4 went into default in April and Might this 12 months.

Declarations by FSCS from 1 April 2023 to 31 Might (4 companies):
 

• SQ Wealth Restricted, previously Quays Wealth Administration Restricted (FRN: 707844) Worldwide Home, 61 Mosley Road, M2 3HZ. The agency was primarily based in central Manchester and was first authorised by the Monetary Conduct Authority in 2015. It traded beneath the identify Quays Wealth Administration till September 2022 when it started buying and selling beneath the identify SQ Wealth. It had traded beneath the identify Cottons Monetary Planning between October 2015 and April 2017.
• Wellington Court docket Monetary Providers Restricted (FRN: 465455), St Isidore Farm, Combe Raleigh, Honiton, EX14 4TG. Though primarily based in Eire, Wellington Court docket had an workplace in Honiton, Devon. From 19 December 2016, Wellington Court docket had permission from the FCA to hold out sure regulated actions, together with advising on investments and pension transfers. Previous to this date, it solely had permission to hold out insurance coverage mediation and insurance coverage distribution actions. The FOS upheld quite a lot of complaints towards Wellington Court docket over its involvement within the switch of consumers’ pensions into SIPPs administered by Guinness Mahon Belief Company Ltd (GMTC) which was declared in default by the FSCS on 29 October 2020.
• Previous Park Capital Restricted (FRN: 504863), sixth Ground, 52 Grosvenor Gardens, London SW1W 0AU
• Pacific IFA Restricted (FRN: 490522), 98-100 Excessive Highway, Rayleigh, SS6 7AE

Because the companies have failed the FSCS has stepped in as they’re unlikely to have the ability to meet any claims themselves.

Sarah Marin, FSCS’s chief buyer officer, stated: “In 2022/2023, our group of claims handlers have helped 67,908 prospects get the compensation they’re due. We all know that dropping cash generally is a worrying expertise and we’ll do all we are able to to make the compensation course of easy and easy for our prospects.”

FSCS safety covers cash held in banks, constructing societies and credit score union accounts. The FSCS additionally protects insurance coverage, investments, mortgage recommendation and arranging, debt administration and funeral plans.

• FSCS web site: www.fscs.org.uk