FSCS declares 20 advice firms in default

The 20 advisory firms were declared in default by the compensation scheme among 24 investment and life and pension firms. In May 2015, it was revealed by Professional Adviser more than 600 adviser firms had been declared in default by the FSCS in the five years previous - an average of almost 130 per year. A declaration of default means the FSCS is satisfied a firm is unable to pay claims for compensation made against it. Customers of a defaulted firm can make a claim for compensation from the compensation scheme. FSCS head of communications Mark Oakes said: "The FSCS protects cons...