Customers of Cornerstone Friendly Society
21st August 2018
The Financial Services Compensation Scheme (FSCS) has paid almost £1 million in compensation to customers of Cornerstone Friendly Society.
Cornerstone Friendly Society went into liquidation on 16th June 2015, after the Prudential Regulation Authority (PRA) made an application to the court on 7th April 2015. BDO LLP business restructuring partners, Malcolm Cohen and Mark Shaw, were appointed joint liquidators of the firm on 17th June 2015.
Prior to declaring the firm in default on 15th May 2017, FSCS worked with the liquidators and regulators, and also liaised with West Yorkshire Police who looked into the firm.
To date, FSCS has paid £950,000 to 44 of the firm’s customers.