The Financial Services Compensation Scheme (FSCS) is writing to investors who may have lost money as a result of the high-profile defaults of Square Mile Securities (SMS) and Pacific Continental Securities (PCS).
It says consumers affected by the defaults last year can claims as much as £48,000 each.
The failure of SMS will cost firms in the D2 sub-class, which includes investment advisers and stockbrokers, around £15m, while PCS's compensation bill is likely to hit £40m.
Both stockbroking giants were among a total of 28 firms today declared 'in default' by the FSCS. Declaring a firm in default is the final stage of the FSCS process before compensation is paid to investors, with a maximum claim of up to £48,000.
"The FSCS aims to provide an effective and efficient compensation service for consumers, and helps maintain confidence in the financial services sector," says FSCS director of claims Jonathan Clark.
"It is important that we let customers of the 28 firms know that we may be able to help if they have lost money and the firm cannot pay."
The firms listed in default are:
- Matrix Financial Planning Limited
- R A Peck Insurance Services
- Rose & Partners
- Unit Insurance Brokers Limited
- DFS (2006) Limited Formerly Derbyshire Financial Services Limited
- Heritage Financial Management Limited
- Calland Insurance & Mortgage Services
- Professional Independent Financial Solutions Limited
- Kitchens 2 Go Limited
- Fylde Investment Life & Pensions Limited
- Healey Starr Financial Services
- N.I.S Life Limited
- Logan Grant
- Alpine Financial Services Limited
- Pacific Continental Securities (UK) Limited
- Pacific Continental Securities Corporation
- Square Mile Securities Limited
- Mr T Dyer t/a Dyer & Collier
- Thomas & Company Financial Services Limited
- W.J. Emson & Co (Life & Pension Consultants) Limited
- B Griston t/a G.L.R. Financial Consultants
- Kilminster Financial Management Limited (formerly Kilminster Life Management Limited)
- Alan Wynne Financial Services
- Derek Eastwood (Insurance Brokers) Limited
- LPS Financial Services
- Morgan Money Management Limited
- Sheffield Mortgage Company Ltd, Enterprise House
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