FSCS declares nine advice firms in default
Nine of the 11 firms declared in default by the Financial Services Compensation Scheme this month are wealth management or advice firms, including one whose director was convicted of fraud.
John B Carr Financial Services in Lincolnshire has been declared in default, along with London firms Barchester Green Limited and Kevin Neal Associated Wealth Management.
Also in default are Manchester-based mortgage advice provider DFD Mortgages Limited, KWS Wealth Management in Milton Keynes, and Bradford Peters Financial Services in Crawley.
We want anyone who believes they may be owed money as a result of their dealings with any of these firms to get in touch as we may be able to help you"
In Scotland, The Wealth Partnership was placed in default, while in Wales, it was the case of Hayden Williams Independent Financial Services Limited. Castle Asset Management in Dorset completes the list.
With this, the lifeboat fund's list bring the total number declared in default since mid-May to 26.
KWS Wealth Management had its permissions cancelled in 2017 when the firm's sole director, Keith Smith, was convicted of insurance fraud. Smith was convicted on indictment on October 21, 2015 at Gloucester Crown Court for failing to disclose his wife had been diagnosed with cancer while applying for a £200,000 life insurance policy.
The FSCS advises that consumers could be in line for compensation, and that if they have lost any money as a result of their dealings with the failed financial firms, they should get in contact.
The firm says that it has helped more than 4.5 million people and paid out more than £26bn in compensation since 2001, when it was formed.
FSCS chief corporate affairs officer Alex Kuczynski says: "FSCS steps in to protect consumers around the UK when authorised financial services firms go bust. This vital service, which is free to consumers, protects deposits, insurance, investments, home finance and debt management.
"We want anyone who believes they may be owed money as a result of their dealings with any of these firms to get in touch as we may be able to help you."
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