The Financial Services Compensation Scheme (FSCS) has revealed that 13 firms were declared in default in October and November 2024.

These latest declarations mean that the FSCS has declared 36 firms in default this financial year so far.

Early in October, Scotland-based Advice & Wealth Management Solutions LLP went out of business, followed by Inter-UK Financial Services Limited (trading as IUK Global, InterProtect, Casa Capital).

Later in the month, European American Capital Services was declared in default, as were Chesterton Grant, Carl Julian Hanson (trading as Bright Future), Frobisher Capital, LEBC Group (trading as The Care Adviser, The Retirement Adviser, Corporate Healthcare Solutions), and Intelligent Wealth Management Partnership (trading as IWMP).

Charterhouse (Chester) Limited (trading as Charthouse Asset Management - AR for TenetConnect Limited) was declared in default on 12 November and resulted in the joint-fourth highest compensation-paid amount from the FSCS this financial year so far at £100,000-£200,000.

Later in November, Eunisure Limited (trading as Hawkedon Health, Eunisure Commercial & General, Dunn & Co) went out of business, followed by Norrix Financial Services Limited (formerly RNAMK Limited), Gainsborough Financial Services, and Intelligent Money Limited.

Of the 36 firms declared in default so far this financial year, Alexander David Securities resulted in the highest compensation-paid amount at £4.5m.

“FSCS is here to protect consumers across the UK and help maintain trust in the financial services sector,” commented FSCS chief communications officer, Tina Coates.

“We support customers from all walks of life. We are a free and independent service that customers can claim directly with.

“We work hard to ensure people get the compensation they’re due, while continuously working to improve our service and claims processes.”

This article originally appeared in our sister publication Wealth Investment News.

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