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

 FCA chief: No allegations of Budget leak market abuse so far

FCA chief: No allegations of Budget leak market abuse so far

Told MPs on the Treasury Committee the leak caused serious concern

Alex Sebastian
clock 16 December 2025 • 3 min read
FCA's non-financial misconduct rules 'opaque' over social media activity

FCA's non-financial misconduct rules 'opaque' over social media activity

Lack of definitions and case studies

Cristian Angeloni
clock 16 December 2025 • 2 min read
2025: Reflecting on a 'sustained wave' of regulation

2025: Reflecting on a 'sustained wave' of regulation

The FCA has issued 34 consultation papers this year

Paul Bruns & Sandy McGregor
clock 16 December 2025 • 4 min read