UK FSCS Confirms 5 Firms in Default from 1 June to 31 July 2022

The Financial Services Compensation Scheme (FSCS), the UK's statutory Deposit insurance and investors compensation scheme, has confirmed that five firms are in default from 1 June 2022 to 31 July 2022. These firms have gone out of business and are unable to meet any claims themselves.

According to the institution, clients can apply to FSCS to intervene and pay compensation if they are unable to obtain a claim from a regulated financial firm that is no longer trading. Besides, FSCS provides services to its clients for free, which offers protections covering money held in bank, building society and credit union accounts, as well as insurance, investments, mortgage advice and arranging, debt management and funeral plans. 

Sarah Marin, FSCS's Chief Customer Officer, said "In 2021/22, we helped 108,838 customers get back on track by either paying them compensation or enabling them to transfer to a new provider for their investment or insurance policy. Whilst the number of firm failures has reduced, the total compensation amount is forecast to increase as claims volumes and values per firm rise."

The 5 firms confirmed to be in default after FSCS' investigations include the following:

• County Capital Wealth Management Limited t/a The Pension Review Service, Fathom (FRN 463679) Prosperity House, 1 Barnfield Road, Spennymoor, County Durham, DL16 6EB

• Cowley & Miller Independent Financial Services Ltd (FRN 550002), 152a High Street, Irvine, Ayrshire, KA12 8AN

• Curzon Capital Limited (FRN 191520) 10 Brick Street, London, United Kingdom, W1J 7HQ

• Smith, Law & Shepherds I.F.A Limited (FRN 719232), 209 Liverpool Road, Birkdale, Southport, Merseyside, PR8 4PH

• Tradenext Ltd (FRN 573464), 54 Ethelbert Gardens, Ilford, IG2 6UN