FSCS Declares Six Financial Firms in Default Between August and September 2024

The Financial Services Compensation Scheme (FSCS), the UK's statutory deposit insurance and investors compensation scheme, has released a new notice indicating that consumers could be in line for compensation due to financial firm failures.

Over August and September 2024, FSCS declared six firms in default, signaling that these firms have gone out of business and are unable to meet any claims themselves. 

Defaults declared by FSCS from 1 August 2024 to 30 September 2024 (six firms):

Green Gem Financial Limited (FRN 400488)

Mark Peter Houlbrook, trading as Thorn Investment & Pension Services (FRN 498168)

Barton Hatcher Ingram Financial Management Ltd (FRN 401729)

Triple A Financial Services (FRN 431854)

Pro-Synergy Wealth & Tax Management Ltd, trading as Sedulo Wealth Management (FRN 502652)

Colbourne & Company (FRN 125003)

If a regulated financial firm is no longer trading and cannot pay a customer's claim, FSCS can step in to pay compensation, provided certain requirements are met. 

James Darbyshire, Chief Counsel at FSCS, said: “We continue to receive claims months or even years after a firm fails. We are reaching out to let people know that compensation may be available if they have suffered losses due to the failure of these six financial services firms. We are a free and independent service, and customers can claim directly from us.”

So far, this financial year (from 01/04/2024), FSCS has declared 23 firms in default.