FSCS declares more than 20 advice firms in default between May and October

DB transfer advisers included

clock • 2 min read

The Financial Services Compensation Scheme (FSCS) has declared 45 firms in default between May and October 2020, including more than 20 financial advisers and planners.

Among the firms to have gone into default is advice firm Capital & Income Solutions, which went into liquidation on 17 January after losing pension transfer permissions in June last year. According to the Statement of Affairs document found on the firm's Companies House entry, the firm lost £2.5m from 29 August 2017 to the date it wound up almost 18 months later. The FSCS has received more than 600 claims following the collapse of the firm and has so far paid out £1.2m in compensation. Swansea-based adviser firm S&M Hughes, which trades as Crescent Financial, was also included on t...

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

How considering vegetable peelers can inform your product design

How considering vegetable peelers can inform your product design

FCA released two reports to mark the third birthday of Consumer Duty

Alison Gay
clock 31 July 2026 • 4 min read
Andy Wealthall: Is there still a place for annual suitability reviews?

Andy Wealthall: Is there still a place for annual suitability reviews?

'We shouldn't solve one problem by creating another'

Andy Wealthall
clock 30 July 2026 • 4 min read
Why the smartest advisory firms are getting ahead of the FCA on non-financial misconduct

Why the smartest advisory firms are getting ahead of the FCA on non-financial misconduct

'September is a starting point, not the finish line'

Gemma McCall
clock 29 July 2026 • 5 min read