The Financial Services Compensation Scheme (FSCS) has declared former IFA Bentley-Leek in default and said it will aim to compensate customers within the coming six months.
Bentley-Leek, which was under investigation by the scheme over the past months, had been placed into creditor's voluntary liquidation in November 2011 following a spate of collapsed property deals that were backed by Bentley-Leek Properties and Bentley-Leek Properties International and advised on by the IFA.
The FCSC will start processing claims against the firm this month and has invited new customers, who have not yet placed a claim, to come forward.
Elsewhere, the FSCS also put out a warning this morning about Switzerland-based Cybertrust FX, a firm that "claims to be part of the scheme but is not". It said the firm was not UK regulated and FSCS did not protect its customers.
Partner Insight: Continuing the Architas education series for clients.
What made financial headlines over the weekend?
290,000 already affected
Putting the tech into protection
Square Mile’s series of informal interviews