FSCS monitoring situation with Cornerstone Friendly Society

22nd June 2015

The Financial Services Compensation Scheme (FSCS) is monitoring the situation with the Cornerstone Friendly Society and cannot confirm whether it will be able to pay compensation to clients of the firm at this stage. We are working with the liquidators, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) to understand what the liquidation of the firm might mean for its clients. If it becomes clear that we are able to compensate clients of the firm, we will contact all known clients with details of how to make a claim.

Cornerstone Friendly Society was placed into liquidation on 16 June 2015. BDO LLP business restructuring partners, Malcolm Cohen and Mark Shaw, were appointed joint liquidators of the firm on17 June 2015. The firm was placed into liquidation on the application of the PRA, made to the court on 7 April 2015.

If any client of the firm believes that they may have a claim, they can contact the FSCS Customer Services Team on 020 7741 4100 or Freephone 0800 678 1100 to request an application form.