January and December see 13 firms go into default: FSCS   – Mortgage Strategy

January and December see 13 firms go into default: FSCS   – Mortgage Strategy

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The Financial Services Compensation Scheme has confirmed that 13 firms went out of business, or defaulted, in December and January and are unable to meet any claims against them.   

The statutory body, which is free to customers, provides protection from authorised financial services firms for money held in bank, building society and credit union accounts.  

It also protects regulated mortgage advice and arranging, insurance, investments, debt management and funeral plans.   

The body adds that its service is free to customers who keep the compensation they are owed when they claim directly through it.  

The scheme covers up to £85,000 per eligible person, per bank, building society or credit union, and up to £170,000 for joint accounts.  

It also protects “certain qualifying temporary high balances” of up to £1m for six months from when the amount was first deposited.  

Of the 13 firms that failed, those that advised on mortgages comprise:  

  • Aquila Financial Services in South Yorkshire  
  • Broadgate Financial Management LLP in Billingham  
  • Vintage Investment Services trading as Vintage, Vintage Protect, Vintage Mortgages in Stockton-on-tees  

  The remaining firms listed are:  

  • A+ Financial Services Limited trading as aplus independent financial advice, Grosvenor Trust & Saving in Hemel Hempstead  
  • Better Retirement Group Ltd, formerly Directly Financial Ltd, Financial Strategy Ltd in Northampton  
  • Braemar Wealth Management NW Limited in Altrincham  
  • Cadogan Asset Management Limited in London  
  • Craig Mitchell trading as Craig Mitchell Personal and Corporate Financial Planning in Hamilton  
  • FSC Investment Services Limited formerly Ashwood Wealth Management Limited in Oxford  
  • Midhurst Asset Management Limited in London   
  • Nurture Financial Planning Limited trading as Premier IFA Limited in Norwich   
  • Plan Your Retirement Limited in Kidderminster  
  • Premier Wealth Management Harrogate Limited in Bromsgrove  

The Financial Services Compensation Scheme chief financial officer Fiona Kidy says: “Customers of financial firms that have failed, or are no longer trading, can make a claim to us and we’ll do all we can to compensate them.   

“So far this financial year FSCS has handled over 90,000 claims.”  

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