Financial Services Compensation Scheme FSCS

2 adviser firms fail as claims mount up

The Financial Services Compensation Scheme has declared two financial adviser firms in default this week after receiving a growing number of claims from ex-clients.

Deposit protection limit set to be raised to £110,000

The Prudential Regulation Authority (PRA) has today said it proposes to raise the deposit protection limit of the Financial Services Compensation Scheme (FSCS) from £85,000 to £110,000.

Wealth manager with 18 ARs in default

London-based wealth manager LLP Services Ltd (FRN: 229382) has been declared in default today by the Financial Services Compensation Scheme (FSCS).

Tenet's network arm declared in default

The network arms of failed advice firm Tenet - TenetConnect (FRN: 149826) and TenetConnect Services (FRN 150643) - have now both been declared in default by the Financial Services Compensation Scheme, opening the door to compensation claims.

Essex credit union default leads to £344,000 in claims

The 498-member Basildon Credit Union Limited (FRN: 213229) has gone into administration and been declared in default by the Financial Services Compensation Scheme (FSCS).

FSCS and police probe Scottish adviser firm

The FSCS and Police Scotland are investigating a Scottish adviser firm after it appeared that insurance premiums and potentially investment contributions were not being passed on to providers.

FSCS declares West Yorkshire Planner in default

West Yorkshire adviser firm Reis Financial Planning Ltd (FRN: 673257) has been declared in default by the Financial Services Compensation Scheme today after a first claim against the firm was upheld.