UK FSCS Confirms 9 Firms in Default Between February and March 2024

The Financial Services Compensation Scheme (FSCS), the UK's statutory Deposit insurance and investors compensation scheme, has declared nine firms in default from 1 April 2024 to 31 May 2024, declining from 12​ of the prior two months.

Below are these nine companies that have gone bankrupt and cannot pay claims themselves:

• Castle & Crystal Credit Union Ltd (FRN 213711), 25 New Street, Dudley, DY1 1LT 

• Chestergate Financial Services Ltd, formerly Bradshaw Bennet Independent Financial Advisers Ltd (FRN 459990), The Cooney Building Riseley's Passage (Off Chestergate) Macclesfield Cheshire SK11 6DG 

• Alexander David Securities Ltd (FPN 469150), 49 Queen Victoria Street London EC4N 4SA

• Atlantic Investors (Scotland) Ltd (FRN 182565), 180 West Regent Street Glasgow Lanarkshire G2 4RW

• PH7 Wealth Management Ltd, formerly The Pension Place Ltd trading as PH7 Mortgages, PH7 Insurance Brokers (FRN 842598), 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), 38 Dunford Road, Holmfirth, West Yorkshire, HD9 2DP

• Go IFA Ltd, formerly Stevton Ltd, trading as Go IFA Ltd, Go IFAs (FRN 530741), 124 City Road London EC1V 2NX

• Oakwood Financial Management LLP (FRN 225473), Bayley House 22-23 Bayley Lane Coventry West Midlands CV1 5RJ

• Finsbury Financial Ltd, trading as Finsbury (FRN 503294), South Building Upper Farm Wootton St Lawrence Basingstoke Hampshire RG23 8PE

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 orgnization was et 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."