Could you claim £48,000?
Consumers could be entitled to claim up to £48,000 in compensation from firms that have been declared in default.
The Financial Services Compensation Scheme (FSCS), which is the fund of last resort for compensation claims, says 34 financial services firms have recently been declared in default. It is urging anyone who has suffered a financial loss as a result of any dealings with these firms (see full list below) to contact it and see if they could be entitled to any compensation.
Jonathan Clark, a director at FSCS, says: "It is important that customers of any of the 34 firms we have recently declared in default are aware that FSCS may be able to help, if they have suffered a financial loss."
A firm is declared in default if it is unable to pay any claims made against it. When this happens, all claims are referred to the FSCS.
This could include investment, insurance or mortgage firms offering advice or selling products such as endowment mortgages.
Firms in default
The FSCS says the following firms were in default as of 3 June 2008:
J A Fairweather and J J Fairweather (limited partner) t/a JA Fairweather Associates, RUNNYMEDE COTTAGE, BLASFORD HILL, LITTLE WALTHAM, CHELMSFORD, ESSEX, CM3 3PG
P.R. Kingston Limited, KINGSTON HOUSE, MEADOW WAY, HOCKLEY, RAYLEIGH, ESSEX, SS5 4AX
A Singh formerly t/a Kirens Financial Services, 298 ROOKERY ROAD, HANDSWORTH, BIRMINGHAM, WEST MIDLANDS, B20 9QG
Alan Upton (Insurance Brokers) Limited, 1282 LONDON ROAD, ALVASTON, DERBY, DE24 8QP
Ashill, Parrish and Company Limited, ST MARTINS HOUSE, 10 BULL RING, BIRMINGHAM, B5 5EQ
Brady & Rickers Limited, SUITE 3, EAST STREET, BINGHAM, NOTTINGHAMSHIRE, NG13 8DS
D Williams (deceased) t/a Dunwoody Williams (formerly D J Williams Esq), ELIZABETH HOUSE, SUFFOLK STREET, QUEENSWAY, BIRMINGHAM, B1 1LS
J.E. Oakley & Son (Midlands) Limited Formerly J.E. Oakley & Co. (Midlands) Limited, 3 MORETON AVENUE, GREAT BARR, BIRMINGHAM, B43 7QP
Martyn Myatt & Associates formerly Martyn Myatt & Associates Insurance & Financial Consultants, 173 WOOD LANE, HANDSWORTH WOOD, BIRMINGHAM, B20 2AG
McCarthy Jennings Petrie & Co Limited, 158 WEOLEY CASTLE ROAD, WEOLEY CASTLE, BIRMINGHAM, WEST MIDLANDS, B29 5QL
Pitchford & Jones, 14 ELIZABETH GROVE, DUDLEY, WEST MIDLANDS, DY2 7TG
Planned Assurance Services Limited, 154 NARBOROUGH ROAD, LEICESTER, LE3 0BW
R Ralph t/a Ralph & Bostock Financial Services, FOURTH FLOOR, 3/4 SHOPLATCH, SHREWSBURY, SHROPSHIRE, SY1 1HF
Romaine Noir Limited, 8B CENTRAL, 38 PARADISE STREET, BIRMINGHAM, WEST MIDLANDS, B1 2AF
Campbell - Brown Financial Services Limited, CLAUGHTON HOUSE, 35 BARROW STREET, ST. HELENS, WA10 1RX
M.J. Whelan (Insurance Brokers) Limited, 539 ROYAL EXCHANGE, MANCHESTER, M2 7EN
Wivenhoe Financial & Insurance Services formerly t/a The Wivenhoe (Military) Insurance Brokers, 59 HIGH STREET, WIVENHOE, MANCHESTER, CO7 9LB
Policy Enquiries Ltd formerly West of Scotland Insurance & Mortgage Brokers Limited, 7 HOUSTON STREET, GREENOCK, SCOTLAND, PA16 8DA
SOUTH EAST (including London)
Alexander Carter (UK) Limited formerly Alexander Carter (Insurance Brokers) Limited, LANCASTER HOUSE, 30 ST. DUNSTANS HILL, SUTTON, SM1 2UD
Goldcrest Capital Limited, Devlin House, 36 St GEORGE STREET, MARYLEBONE, LONDON, W1S 2FW
Greenslade Hay & Co. Limited, 2 BATH PLACE, RIVINGTON STREET, SHOREDITCH, LONDON, EC2A 3JJ
Lakeside Industries Ltd formerly Pentland Insurance Brokers Limited, THE PENTLAND CENTRE, LAKESIDE, SQUIRES LANE, FINCHLEY, LONDON, N3 2QL
M Sims t/a Sims Insurance Services, 2 COLDEAST WAY, SARISBURY GREEN, FAREHAM, SO31 7AT
M W (Pensions & Investments) Limited (formerly M W Insurance Brokers Limited), 8/9 LOVAT LANE, LONDON, EC3R 8DT
T J Silvester Pensions & Investments, 78 STATION ROAD, HAYLING ISLAND, HAMPSHIRE, PO11 0EL
Berkeley Applegate & Co (Torquay) Limited formerly Berkeley Applegate & Co. Insurance Brokers (Torguay) Limited, SOVEREIGN HOUSE, THE TERRACE, TORQUAY, TQ1 1DE
C Richards t/a Merchant Financial Services, 24 SOUTHERNHAY WEST, EXETER, DEVON, EX1 1PR
Contactrule Limited t/a Sturdy Perryman Associates, 176 CLEVEDON ROAD, TICKENHAM, NAILSEA, NORTH SOMERSET, BS21 6RG
C.T.F. Fagan & Company Limited, 91 CRANE STREET, SALISBURY, WILTSHIRE, SP1 2PU
Derek Charlwood, ESQ, GREENACRE, SILTON, GILLINGHAM, SP8 5DF
Paul Turner Insurance Services, GLENTOR LODGE, 31 GLENTOR ROAD, HARTLEY, PLYMOUTH, PL3 5TP
P Buckle t/a PLB Management, GALLTFAENAN LODGE, TREFNANT, DENBIGH, WALES LL16 5AG
YORKSHIRE & HUMBERSIDE
Ingled PM Limited (formerly IPM Group Limited, Ingledon Park Management Limited and Poyners Limited), 3 VICTORIA COURT, BANK SQUARE, MORLEY, LS27 9SE
M T M Insurance Brokers Limited (formerly t/a The Insurance Centre Formerly Bornedene Limited), KEIGHLEY ROAD, TRAWDEN, NR.COLNE, KEIGHLEY, BB8 8AP
The Financial Services Compensation Scheme is the compensation fund of last resort for customers of authorised financial services firms. If a firm becomes insolvent or ceases trading, the FSCS may be able to pay compensation to its customers. Limits apply to how much compensation the FSCS is able to pay, and those limits vary between different types of financial products. However, to qualify for compensation, the firm you were dealing with must be authorised by the Financial Services Authority (FSA).
Generally thought of as being interchangeable with insurance but isn’t. Assurance is cover for events that WILL happen but at an unspecified point in the future (such as retirement and death) and insurance covers events that MAY happen (such as fire, theft and accidents). Therefore you buy life assurance (you will die, but don’t know when) and car insurance (you may have an accident). Assurance policies are for a fixed term, with a fixed payout, and unlike life insurance have an investment aspect: as a life assurance policy increases in value, the bonuses attached to it build up. If you die during the fixed term, the policy pays out the sum assured. However, if you survive to the end of the policy, you then get the annual bonuses plus a terminal bonus.