FSCS declares 4 corporations in default

The Monetary Companies Compensation Scheme (FSCS) has as we speak declared that 4 recommendation corporations primarily based 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 12 months.

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

Though primarily based in Eire, Wellington Courtroom had an workplace in Honiton, Devon. From 19 December 2016, Wellington Courtroom 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 various complaints in opposition to Wellington Courtroom 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 Ground, 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, mentioned: “In 2022/2023, our workforce of claims handlers have helped 67,908 prospects get the compensation they’re due. We all know that dropping cash could be a anxious expertise and we’ll do all we will 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.