The Financial Services Compensation Scheme (FSCS) has said it could pay out to consumers who lost money as a result of dealings with 11 firms the lifeboat declared in default in March.
British Steel Pension Scheme-related IFA Active Wealth was included on the list. Failed discretionary fund manager (DFM) Beaufort Securities and its subsidiary Beaufort Asset Clearing Services (BACS) were also named. A declaration of default means the FSCS is satisfied a firm is unable to pay claims for compensation made against it. Clients of that firm are then able to make a claim for compensation. Active Wealth entered liquidation in February, following criticism for the advice it had given to British Steel workers. Last week, it was revealed the FSCS had received 34 complaints ...
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