FSCS declares 25 firms in default in April and May

Of the total 25 firms in default eight could be confirmed as advisory firms by Professional Adviser. The lifeboat fund, which is the UK's industry-funded compensation scheme to protect consumers of regulated financial firms, declares firms in default when it is satisfied a firm can no longer pay compensation for claims made against it, triggering the scheme's involvement. Last year the scheme saw a flurry of claims related to advice on investments in self-invested personal pensions, leading to the collection of an interim levy. In April, it confirmed it would levy firms £363m for t...