FSCS confirms 10 ACIs have gone bankrupt

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The Financial Services Compensation Scheme (FSCS) has confirmed that 16 companies are in default, including 10 independent financial advisers.

The 10 defaulting IFAs are AW Dallas Financial Services, Acklam Financial, Fortuna Wealth Management, Independent Benefit Consultancy, Lifestyle Financial Consultancy, Meyado Private Wealth Management, Retirement & Pension Planning Services, Spiers Independent, Tramway Financial Management and West Wales Financial Services.

The FSCS believes these companies are unable to respond to complaints on their own and has directed clients who owe money to the rescue fund’s website for more details.

FSCS Managing Director Caroline Rainbird said: “We know it is stressful when a financial company stops trading but owes you money.

“That’s why we have specially trained Claims Handlers who are there to help you every step of the way, and we’ll keep you posted on our progress.

“In fiscal year 2020/21, we helped over 52,000 clients get back on track, either by paying them compensation or allowing them to transfer their investment or insurance policy to a new one. provider. “

In November, the FSCS said three British Steel Pension Scheme consultancy firms were among those in default.

They were West Wales Financial Services, AW Financial Services Dallas and Fortuna Wealth Management.

Acklam Financial, one of the first 10 UK steel companies to stop providing pension transfer advice, filed for liquidation in February 2021.

the FCA Register also showed that Acklam Financial requested the cancellation of its authorization on January 24, 2021.

Other companies included in the FSCS default reporting list from October 1 to November 30, 2021 are: Armstrong Campbell LLP, Border Cars (Dumfries), Broadlands Partnership and Will Insurance Services.

The Financial Conduct Authority recently released a discussion paper aimed at improving the compensation framework for financial services.

The document specifically examines how the FSCS is funded.


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