FSCS confirms seven defaults in June and July 2023

The Financial Services Compensation Scheme (FSCS) has officially announced that during the months of June and July 2023, seven companies have been declared in default. This status signifies that these firms have ceased operations and are incapable of fulfilling any pending claims.

These businesses have closed down and lack the resources to honor any claims. Individuals who are owed funds by these entities can gain insights into their protection by visiting the FSCS website: https://www.fscs.org.uk/what-we-cover/.

Should a regulated financial institution cease trading and find itself unable to fulfill a customer's claim, the FSCS can intervene to provide compensation.

The declarations made by the FSCS from June 1, 2023, to July 31, 2023, are as follows:

1. Thomas Financial Ltd (FRN 473555) Address: The Hollies, Isca Road, Caerleon, Newport, Gwent, NP18 1QG

2. MacFarlaine & Brooks IFA Ltd (FRN 612753) Address: 651a Mauldeth Road, West Chorlton, Manchester M21 7SA

3. Wealthmasters Financial Management Ltd, trading as Gryphon Capital, Invictus Wealth, Sydney Charles UK (FRN 536087) Address: Atlantic House, Charnwood Park, Bridgend, Mid Glamorgan, CF31 3PL

4. Prism Independent Financial Advisers Ltd (FRN 515431) Address: 22 Risca Road Newport Gwent NP20 4JW

5. Maymont Wealth Limited, formerly GWM Investment Management Limited t/a Discover Wealth (FRN 629098) Address: 3rd Floor, 33 Bruton Street, London, W1J 6QU

6. Cheshire Trafford U.K. Limited, formerly Cheshire Trafford (Yorkshire) & Co. Limited (FRN 115194) Address: 34 St. Augustines Gate, Hedon, East Yorkshire, HU12 8EX

7. Temple Park Financial Services (FRN 163459) Address: 12 Templegate Walk, Leeds, West Yorkshire, LS15 0EU

The FSCS underscores that its services are provided at no cost to customers. The protection extends to funds held in banks, building societies, credit unions, as well as pension accounts. Moreover, FSCS offers coverage for financial advice, insurance, investments, mortgage-related services, debt management, and funeral plans. Individuals are entitled to retain the entirety of the compensation they rightfully claim through direct application to the FSCS.

Lila Pleban, Chief Communications Officer at the FSCS, stated:

“In the past fiscal year, the FSCS disbursed over £400 million in compensation, aiding nearly 68,000 individuals in regaining financial stability. We understand the stress caused when a company collapses, leaving its customers with outstanding debts. Our proficient claims handlers strive to simplify the complimentary compensation process as much as possible.”