FSCS to pay out over 11 firms declared in default

Includes Active Wealth and Beaufort Securities

Victoria McKeever
clock • 1 min read

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 ...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Appointed representatives: Are you really in control of the risks?

Appointed representatives: Are you really in control of the risks?

'The FCA doesn't just want oversight, it wants evidence'

Paul Bruns
clock 06 October 2026 • 7 min read
Manchester City charges: Treasury Committee chair raises tax questions with HMRC

Manchester City charges: Treasury Committee chair raises tax questions with HMRC

As Tax Policy Associates points to potential £12m in unpaid tax

Jen Frost
clock 02 October 2026 • 2 min read
'Waiting for certainty can itself create the breach': When must a firm notify the FCA?

'Waiting for certainty can itself create the breach': When must a firm notify the FCA?

'A voicemail is unlikely to suffice'

Gareth Fatchett
clock 02 October 2026 • 5 min read