WIREDGOV

Consumers can claim compensation of up to £48,000 if they have lost money as a result of their dealings with any one of 35 firms that the Financial Services Compensation Scheme (FSCS) has recently declared in default. FSCS is the UK’s statutory compensation scheme for customers of regulated financial services firms. It provides a free service to consumers.

Declaring a firm in default is the final part of a process in which a firm regulated by the Financial Services Authority (such as a financial adviser) has been found by FSCS to be unable, or likely to be unable to pay claims against it. This means that customers who have lost money as a result of dealings with one of these firms might be able to make a claim for compensation to FSCS.

"FSCS aims to provide an effective and efficient compensation service for consumers, and helps maintain confidence in the financial services sector," says Jonathan Clark, Director of Claims. “It is important that we let consumers of the 35 firms know that FSCS may be able to help if they have lost money and the firm can’t pay.”

FSCS covers investments, deposits, insurance, mortgage advice and arranging (from 31 October 2004), and advice about general insurance and the arranging of policies (from 14 January 2005).

The kinds of investment claims FSCS handles usually relate to advice. For example, if somebody has been advised to buy an investment product such as an endowment policy, but it was unsuitable for them and they have lost money as a result of the advice they received.

A list of the 35 investment firms FSCS has recently declared in default is attached.
Consumers who believe they may have a claim should contact FSCS on 020 7892 7300, or
by email at enquiries@fscs.org.uk. Further information about FSCS’ work and how to claim is
available from its website at www.fscs.org.uk.

For more information about FSCS see Notes to Editors section or visit www.fscs.org.uk

Press Enquiries:

Suzette Browne: 020 7892 7372 suzette.browne@fscs.org.uk

Sarah McShane: 020 7892 7882 sarah.mcshane@fscs.org.uk

Notes to Editors:

1. About FSCS

The Financial Services Compensation Scheme (FSCS) is the UK's statutory compensation scheme for customers of authorised financial services firms. This means that FSCS can pay compensation if a firm is unable, or likely to be unable, to pay claims against it. FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA). Our service is free to consumers.

2. UK’s statutory Compensation scheme

As the UK’s statutory compensation scheme, FSCS can only pay for financial loss where a firm is unable to meet claims. For investment claims, compensation aims to put consumers back into the position they would have been in had they not invested.
The compensation limit for investment claims is £48,000 per person.

3. Declaring a firm in default

Before FSCS can pay compensation it must be satisfied that a firm is unable to meet claims. It describes this as being ‘in default’. The Scheme will declare a firm in default
if:
· it has received at least one claim; and
· it is satisfied that the firm is unable (or likely to be unable) to pay claims against it.

FSCS is required to do this before we can pay compensation to eligible claimants.

Declaring a firm in default allows consumers who believe they may have lost money as a result of their dealings with that firm to apply to us for compensation.

4. Authorised firms

Our rules are made by the Financial Services Authority (FSA), the independent watchdog set up by government under FSMA to regulate financial services in the UK and protect the rights of consumers. The rules tell us which types of claim are eligible for compensation, and limit how much compensation we are allowed to pay. Firms need permission from the FSA to carry out a regulated activity, which covers activities such as accepting deposits, insurance business and investment business.

Dealing with an authorised firm gives consumers access to the Financial Ombudsman Service (FOS) and FSCS. Consumers can check that the firm they are dealing with is authorised by contacting the FSA’s Consumer Helpline on 0845 606 1234.

Declarations by FSCS
2 April 2008

EAST
C R Bird (deceased) formerly t/a Eastwood Consultants, 38 ABBEY ROAD, EASTWOOD, NOTTINGHAM, NG16 3FF

MIDLANDS
Grange & Co. UK Limited formerly Steve Turton Financial Services Limited, SUITE 1, 10 HIGH STREET, MELTON MOWBRAY, LEICESTERSHIRE, LE13 0TR

Powell Price & Co (H’fd) Limited, 48c COMMERCIAL ROAD, HEREFORD, HR1 2BP

W.H. Dowle (Life & Pensions) Limited, 1586 PERSHORE ROAD, STIRCHLEY, BIRMINGHAM, B30 2NJ

NORTH
Bradex Insurance Brokers Limited t/a Bradex Life & Pensions Consultants, 54 BURY NEW ROAD, SEDGLEY PARK, PRESTWICH, MANCHESTER, M25 0JU

Cairn Independent Limited, 135 MAIN STREET, KESWICK, CUMBRIA, CA12 5NJ

Cumbria Financial Management Limited Previously named Ross Lloyd Northway (Financial Services) Limited – Ross Lloyd Hannah (Financial Services) Limited & Ross
Lloyd (Financial Services) Limited, 22 THE SQUARE, DALSTON, CARLISLE, CA5 7PY

Grosvenor Financial Services Limited, 4 WESTMINSTER DRIVE, HOYLAKE, MERSEYSIDE, CH47 2EE

Hannah & Lawton (Insurance Brokers) Limited, 10 DUKE STREET, WHITEHAVEN, CUMBRIA, CA28 7ER

Walkers Insurance Services Limited, HONEYPOT, MOOR LANE, WAVERTON, CHESHIRE, CH3 7QW

NORTHERN IRELAND
D & H O'Hare Insurance Brokers Limited, 49 BOTANIC AVENUE, BELFAST, BT7 1JL

SCOTLAND
J.H. Halley (Insurance Centre) Limited formerly J.H. Halley (Insurance Brokers) Limited, 55 MAIN STREET, ALEXANDRIA, DUNBARTONSHIRE, G83 0PD

T Bell, G Hunter and D Morris t/a Newton Financial Services, 13 OAK AVENUE, BEARSDEN, GLASGOW, G61 3HD

SOUTH EAST (including London)
Birch & Co (Insurance Services) Limited, Marine House, 130 ALBION STREET, SOUTHWICK, BRIGHTON, BN42 4DP

Blays Independent Insurance and Financial Advisors, ELMS ROAD CORNER, LONDON ROAD, HOOK, RG27 9DJ

Colin G Austen & Co (Insurance Brokers) Limited formerly T/A Colin G Austen (Insurance Brokers) Limited, 102-104 HIGH STREET, GILLINGHAM, KENT, ME7 1AX

Keedale Insurance Brokers Limited, 834 HIGH ROAD, TOTTENHAM, LONDON, N17 0EY

Linhope Financial Associates, 36 LINHOPE STREET, LONDON, NW1 6HP

Metropolitan Insurance Bureau Limited Formerly Metropolitan Insurance Brokers Limited, 387A BARKING ROAD, EAST HAM, LONDON, E6 2JT

M Hughes, P Thorpe & P Owens t/a Castle Insurance & Mortgage Services, CASTLE HOUSE, 57-59 SOUTH END, CROYDON, CR0 1BF

MM Limited (formerly known as McMullen & Partners Limited), 65 DUKE STREET,
LONDON, W1M 6AJ

P T Cracknell (Life & Pensions) Limited, 291 MAIN ROAD, SIDCUP, KENT, DA14 6QL

The Wincester Financial Consultancy Ltd, 18 CITY BUSINESS CENTRE, HYDE STREET,
WINCHESTER, SO23 7TA

Wilson & Parmar Limited formerly Wilson & Parmar (Insurance Brokers) Limited, 486
GREAT WEST ROAD, HOUNSLOW, MIDDLESEX, TW5 OTA

SOUTH WEST
Broadlands Independent Financial Services Limited, Bow House, 11A HIGH STREET,
CHRISTCHURCH, BH23 1AB

C H. Raymond formerly t/a Hugh Raymond Associates formerly t/a C.H.R. Associates,
50 SUFFOLK ROAD, CHELTENHAM, GLOS, GL50 2AQ

David Bruce and others formerly t/a Bruce & Partners, 51 CENTURY COURT,
MONTPELIER GROVE, CHELTENHAM, GL50 2XR

P Burke - Newberry t/a Preferential Mortgages & Finance, 4 STRATFIELD SAYE,
WELLINGTON ROAD, BOURNEMOUTH, BH8 8NJ

W E Montague (deceased) t/a Wimborne Insurance Brokers, DORSET HOUSE, 5
CHURCH STREET, WIMBORNE, BH21 1JH

WALES
L Tattum & Co Limited, 11 STATION ROAD, LLANRWST, GWYNEDD, LL26 0EP

YORKSHIRE & HUMBERSIDE
J Wright t/a Investment Management Services, THE BIRCHES, LITTLEWORTH LANE,
ROSSINGTON, DONCASTER, SOUTH YORKSHIRE, DN11 0HB

North Eastern Brokers Limited, 438 BEVERLEY ROAD, HULL, HU5 1NH

Northern Financial Management Limited (formerly t/a Eastern Financial Services and
Asset Financial Management), MARQUIS COURT, MARQUIS WAY, TEAM VALLEY, TYNE
AND WEAR, NE11 0RU

P J Borchard & Company Limited t/a Borchard Finance, 27 MARKET PLACE, RIPON,
NORTH YORKSHIRE, HG4 1BN

T C Russell t/a Abacus Associates, 10 PAVILLION SQUARE, SCARBOROUGH, NORTH
YORKSHIRE, YO11 2JN