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...

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