FSCS confirms 5 firms have been declared in default in June and July

Regular notice that consumers could be in line for compensation  

FSCS has confirmed that the five firms below are in default – which means they have gone out of business and are unable to meet any claims themselves. Customers who are owed money by these firms can see how they’re protected by visiting FSCS here - https://www.fscs.org.uk/what-we-cover/

If a regulated financial firm is no longer trading and can't pay a customer’s claim, FSCS can step in to pay compensation. 

We’re independent and our service is free to customers. Our protection covers money held in bank, building society and credit union accounts, and also protects insurance, investments, mortgage advice and arranging, debt management and funeral plans. Customers keep all the compensation they’re owed when they claim directly through us. 

Sarah Marin, FSCS's Chief Customer Officer, said “In 2021/22, we helped 108,838 customers get back on track by either paying them compensation or enabling them to transfer to a new provider for their investment or insurance policy. Whilst the number of firm failures has reduced, the total compensation amount is forecast to increase as claims volumes and values per firm rise.”

Visit https://claims.fscs.org.uk/ if you wish to make a claim with FSCS against any of these firms. You can also contact our Customer Services Team on 0800 678 1100 or 020 7741 4100, or by email at enquiries@fscs.org.uk. 

For the latest FSCS news and information visit www.fscs.org.uk or follow @FSCS on Twitter. 

Declarations by FSCS from 1 June 2022 to 31 July 2022 (5 firms): 

  • County Capital Wealth Management Limited t/a The Pension Review Service, Fathom (FRN 463679) Prosperity House, 1 Barnfield Road, Spennymoor, County Durham, DL16 6EB
  • Cowley & Miller Independent Financial Services Ltd (FRN 550002), 152a High Street, Irvine, Ayrshire, KA12 8AN
  • Curzon Capital Limited (FRN 191520) 10 Brick Street, London, United Kingdom, W1J 7HQ
  • Smith, Law & Shepherds I.F.A Limited (FRN 719232), 209 Liverpool Road, Birkdale, Southport, Merseyside, PR8 4PH
  • Tradenext Ltd (FRN 573464), 54 Ethelbert Gardens, Ilford, IG2 6UN


Media enquiries
Email: publicrelations@fscs.org.uk 

Notes for editors

About FSCS  
FSCS is the UK's statutory compensation scheme that protects customers of authorised financial services firms. FSCS can pay compensation if an authorised firm is unable to pay back the money it owes to customers in connection with a regulated activity. FSCS was set up by Parliament in 2001 and is funded by the financial services industry. FSCS protects deposits, pensions, investment business, home finance (mortgage) advice, life and general insurance, insurance broking, debt management and funeral plans. FSCS can pay compensation if the regulated firm owes a civil liability to a customer of an authorised firm, for example, due to negligence, in connection with the regulated activity.    

FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA), and does not charge individual consumers for using its services. Information about our current compensation limits is available here.  

Declaring a firm in default  
Before FSCS can pay compensation, it must be satisfied that an authorised financial services firm is not in a financial position to meet claims against it (e.g. if the firm has failed and entered an insolvency process such as administration or liquidation). FSCS describes this as being ‘in default'.  

FSCS will declare a firm in default if it has received at least one claim and is satisfied that the firm is unable to return money to eligible customers itself. FSCS is required to do this before it can pay compensation to eligible customers.  

Declaring a firm in default allows private individuals who have suffered actual financial loss as a result of their dealings with that firm to apply to FSCS. Some businesses and charities may also be eligible, depending on the type of claim.  

Authorised firms  
Dealing with a Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA) authorised firm that is carrying out certain authorised activities gives consumers access to the Financial Ombudsman Service and FSCS. Consumers can check that the firm they are dealing with is authorised by using the FCA's Financial Services Register