The Financial Services Compensation Scheme (FSCS) has today declared that four advice firms based in Manchester, London, Honiton in Devon and Rayleigh in Essex are in default.
The declaration opens the door to clients claiming compensation.
All four went into default in April and May this year.
Declaration by FSCS from 1 April 2023 to 31 May (four firms):
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- SQ Wealth Limited, formerly Quays Wealth Management Limited (FRN: 707844) International House, 61 Mosley Street, M2 3HZ
The firm was based in central Manchester and was first authorised by the Financial Conduct Authority in 2015. It traded under the name Quays Wealth Management until September 2022 when it began trading under the name SQ Wealth. It had traded under the name Cottons Financial Planning between October 2015 and April 2017.
Although based in Ireland, Wellington Court had an office in Honiton, Devon. From 19 December 2016, Wellington Court had permission from the FCA to carry out certain regulated activities, including advising on investments and pension transfers. Prior to this date, it only had permission to carry out insurance mediation and insurance distribution activities. The FOS upheld a number of complaints against Wellington Court over its involvement in the transfer of customers’ pensions into SIPPs administered by Guinness Mahon Trust Corporation Ltd (GMTC) which was declared in default by the FSCS on 29 October 2020.
- Old Park Capital Limited (FRN: 504863), 6th Floor, 52 Grosvenor Gardens, London SW1W 0AU
- Pacific IFA Limited (FRN: 490522), 98-100 High Road, Rayleigh, SS6 7AE
As the firms have failed the FSCS has stepped in as they are unlikely to be able to meet any claims themselves.
Sarah Marin, FSCS’s Chief Customer Officer, said: “In 2022/2023, our team of claims handlers have helped 67,908 customers get the compensation they are due. We know that losing money can be a stressful experience and we’ll do all we can to make the compensation process simple and straightforward for our customers.”
FSCS protection covers money held in banks, building societies and credit union accounts. The FSCS also protects insurance, investments, mortgage advice and arranging, debt management and funeral plans.
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