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Failed Firms

If an authorised firm has failed you may still be able to make a claim and receive compensation. Your claim will be processed by the Financial Services Compensation Scheme (FSCS).

What is the FSCS?

The FSCS is the UK’s statutory compensation scheme. It is funded by the financial services industry.

FSCS protects customers of regulated financial services firms, such as Financial Advisers and Pension Providers, when they fail and can’t pay claims made against them.

You can make a claim yourself through the FSCS for free. Find out more here.

Here’s a brief guide to the organisations and resources that may be involved with making mis-sold pension complaint.

What does “in default” by FSCS mean?

‘In default’ is a technical term used by the FSCS when a firm or individual fails and can’t pay claims against it.

A declaration of default allows consumers who believe they’ve lost money, as a result of their dealings with a firm or individual, to apply to for compensation from the scheme.

To declare a firm “In default” the FSCS must be satisfied that:

  •  it has received at least one claim eligible under its rules; and
  • that the firm is unable (or likely to be unable) to pay claims against it.

The FSCS is required to do this before it can pay compensation to eligible claimants. It will usually carry out an investigation to establish the financial position of a firm.

FSCS Claim Eligibility

To be able to claim compensation with the FSCS your claim must be eligible under its compensation rules. These are set by the UK financial services regulators: the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA).

The FSCS can only pay compensation for financial loss. It is also limited to the amounts of compensation it can pay, depending on how and when you were mis-sold.

What’s the maximum amount of compensation for claims made through the FSCS?

The current maximum amount the FSCS can award for successful claims is:

  • Up to £85,000 if the firm failed after 1 April 2019
  • Up to £50,000 if the firm failed before 1 April 2019

Below is a list of some recently failed firms

Name
FRN
Status
Date
Product Type(s)
791582
Failed
10/06/2024
Investments
150643
Under Investigation
05/06/2024
Investments
149826
Under Investigation
05/06/2024
Investments
182565
Failed
19/04/2024
Pensions, Investments
842598
Failed
12/04/2024
Pensions
209539
Failed
12/04/2024
Pensions, Investments
530741
Failed
10/04/2024
Pensions
225473
Failed
10/04/2024
Pensions
503294
Failed
09/04/2024
Investments
792927
Failed
26/03/2024
Pensions
649170
Failed
25/03/2024
Pensions
228652
Failed
25/03/2024
Pensions
471129
Failed
25/03/2024
Pensions, Investments
230902
Failed
25/03/2024
Pensions, Investments
218973
Failed
08/03/2024
Pensions
214554
Failed
13/02/2024
Pensions
469956
Failed
09/02/2024
Pensions, Investments
597069
Failed
08/02/2024
Investments
143694
Failed
06/02/2024
Investments
441726
Failed
23/01/2024
Pensions
472635
Failed
17/01/2024
Pensions
208521
Failed
09/01/2024
Pensions, Investments
495472
Failed
20/12/2023
Pensions
591926
Failed
15/12/2023
Investments
587982
Failed
14/12/2023
Pensions, Investments
446963
Failed
12/12/2023
Pensions
764760
Failed
01/12/2023
Pensions
170299
Failed
09/11/2023
Pensions
832264
Failed
03/11/2023
Investments
183942
Failed
20/10/2023
Pensions
942172
Failed
13/10/2023
Investments
942176
Failed
12/10/2023
Investments
503340
Failed
25/09/2023
Pensions
542126
Failed
22/09/2023
Pensions
799406
Failed
14/09/2023
Pensions, Investments
594369
Failed
14/09/2023
Pensions, Investments
601807
Failed
14/09/2023
Pensions, Investments
488046
Under Investigation
11/09/2023
Investments
784277
Failed
02/09/2023
Pensions
570728
Failed
23/08/2023
Investments
491208
Failed
23/08/2023
Investments
223388
Failed
11/08/2023
Pensions
760755
Under Investigation
09/08/2023
Pensions
528826
Failed
09/08/2023
Pensions
629098
Failed
21/07/2023
Pensions, Investments
115194
Failed
21/07/2023
Pensions
536087
Failed
11/07/2023
Pensions
515431
Failed
11/07/2023
Pensions
612753
Failed
28/06/2023
Pensions, Investments
473555
Failed
08/06/2023
Pensions, Investments
490522
Failed
26/05/2023
Pensions
504863
Failed
23/05/2023
Investments
449720
Under Investigation
09/05/2023
Pensions
488015
Under Investigation
26/04/2023
Pensions
584769
Under Investigation
25/04/2023
Pensions
707844
Failed
06/04/2023
Pensions
653104
Failed
31/03/2023
Pensions
131285
Failed
31/03/2023
Pensions
197285
Failed
31/03/2023
Pensions
232576
Failed
22/03/2023
Pensions
678985
Failed
10/03/2023
Pensions, Investments
195084
Failed
24/02/2023
Pensions
774374
Failed
24/02/2023
Pensions
647948
Failed
24/02/2023
Investments
812526
Failed
24/02/2023
Pensions
583487
Failed
22/02/2023
Pensions
516965
Failed
22/02/2023
Pensions
118229
Failed
21/02/2023
Pensions
190674
Failed
15/02/2023
Pensions, Investments
778297
Failed
10/02/2023
Investments
539133
Failed
19/01/2023
Pensions
425022
Failed
17/01/2023
Pensions
589112
Failed
17/01/2023
Pensions
476475
Failed
11/01/2023
Pensions
749342
Failed
10/01/2023
Investments
496332
Failed
09/01/2023
Pensions
222159
Failed
14/12/2022
Investments
752619
Failed
13/12/2022
Pensions
624013
Failed
08/12/2022
Investments
441650
Failed
08/12/2022
Investments
486910
Failed
29/11/2022
Pensions
575160
Failed
25/11/2022
Pensions, Investments
596038
Failed
22/11/2022
Pensions
669519
Failed
11/11/2022
Pensions
618258
Failed
11/11/2022
Pensions
402668
Failed
27/10/2022
Pensions
403377
Failed
20/10/2022
Pensions
207510
Failed
17/10/2022
Pensions
498199
Failed
07/10/2022
Pensions
718251
Failed
06/09/2022
Pensions
573464
Failed
14/06/2022
Pensions
227542
Failed
24/05/2022
Pensions
595603
Failed
06/05/2022
Pensions, Investments
401067
Failed
05/04/2022
Pensions
475096
Under Investigation
17/03/2022
Pensions
139008
Failed
16/03/2022
Pensions
453409
Failed
20/01/2022
Pensions
466612
Failed
20/01/2022
Pensions
501761
Failed
26/11/2021
Pensions
437244
Failed
01/11/2021
Pensions
565547
Failed
01/11/2021
Pensions
628838
Failed
12/10/2021
Pensions
209313
Failed
23/03/2021
Pensions
782809
Failed
07/10/2020
Pensions, Investments
146908
Failed
29/04/2020
Pensions, Investments
Important Information!

You are not required to use our services to pursue your claim. You can also seek further advice or shop around subject to any time limits within which a claim must be made.

It is possible for you to present the claim for free, either to the firm or person against whom you wish to complain or to the statutory ombudsman (Financial Ombudsman Service or Pension Ombudsman Service) or the Financial Services Compensation Scheme, whichever is applicable to your claim.