Sign In

FSCS: 9 Firms Declared in Default in April and May 2024

2024-06-16 BrokersView

According to June 13’s notice, the Financial Services Compensation Scheme (FSCS), the UK's statutory Deposit insurance and investors compensation scheme, has confirmed that the nine firms below were declared in default in the last two months – which means they have gone out of business and are unable to meet any claims themselves.  


Defaults declared by FSCS from 1 April 2024 to 31 May 2024 (9 firms):


Castle & Crystal Credit Union Ltd (FRN 213711)


Chestergate Financial Services Ltd, formerly Bradshaw Bennet Independent Financial Advisers Ltd (FRN 459990)


Alexander David Securities Ltd (FPN 469150)


Atlantic Investors (Scotland) Ltd (FRN 182565)


PH7 Wealth Management Ltd, formerly The Pension Place Ltd trading as PH7 Mortgages, PH7 Insurance Brokers (FRN 842598)


WR Simon Ashley Silver Independent Financial Advisor Ltd (FRN 209539)


Go IFA Ltd, formerly Stevton Ltd, trading as Go IFA Ltd, Go IFAs (FRN 530741)


Oakwood Financial Management LLP (FRN 225473)


Finsbury Financial Ltd, trading as Finsbury (FRN 503294)


If the financial firm a client has used has gone out of business and can’t pay their claim, the FSCS can step in to pay compensation. The organization was set up by the UK government. It is independent and its service is free to use.


Emma Barrow, Head of Communications at FSCS, said: “FSCS is here to protect consumers and contribute to financial stability. We provide a free and independent service to get people back on track when financial firms fail. It doesn't take long to put a claim in online and there is help available from our expert claims handlers if customers need it.”