FSCS declares 4 corporations in default

The Monetary Companies Compensation Scheme (FSCS) has right now declared that 4 recommendation corporations based mostly in Manchester, London, Honiton in Devon and Rayleigh in Essex are in default.

The declaration opens the door to shoppers claiming compensation.

All 4 went into default in April and Could this yr.

Declaration by FSCS from 1 April 2023 to 31 Could (4 corporations):
 

• SQ Wealth Restricted, previously Quays Wealth Administration Restricted (FRN: 707844) Worldwide Home, 61 Mosley Avenue, M2 3HZ

The agency was based mostly in central Manchester and was first authorised by the Monetary Conduct Authority in 2015. It traded underneath the title Quays Wealth Administration till September 2022 when it started buying and selling underneath the title SQ Wealth. It had traded underneath the title Cottons Monetary Planning between October 2015 and April 2017.

Though based mostly 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 a lot of complaints towards Wellington Court docket over its involvement within the switch of shoppers’ 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 Flooring, 52 Grosvenor Gardens, London SW1W 0AU
• Pacific IFA Restricted (FRN: 490522), 98-100 Excessive Highway, Rayleigh, SS6 7AE

Because the corporations 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 workforce of claims handlers have helped 67,908 clients get the compensation they’re due. We all know that dropping cash is usually a hectic expertise and we’ll do all we are able to to make the compensation course of easy and simple for our clients.”

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.