The FSCS (Financial Services Compensation Scheme) has named six firms that defaulted in August. The FSCS is the UK’s statutory compensation scheme that protects customers of regulated financial services firms.

The six firms are:

  • Cain Lambert Limited formerly known PAR Capital Mortgages Limited, 44 St. Edmunds Road, London, N9 7PT
  • MML Administration Limited, 9 Portland Square, Bristol, BS2 8ST
  • Chadkirk Wealth Management Limited, Unit 8, Dalewood Road, Lymedale Business Park, Newcastle, Staffordshire, ST5 9QH
  • Clearcredit Limited t/a Clearcredit, Media House, Mann Island, Liverpool, L3 1DQ
  • The Man for Mortgages Limited, 8 Bright Street, Ilkeston, Derbyshire, DE7 8NH
  • Abbot Insurance Brokers t/a Abbot Insurance, Tachbrook House, 162 Fosse Road North, Leicester, Leicestershire, LE3 5ES

A declaration of default means FSCS is satisfied a firm is unable to pay claims for compensation made against it. This paves the way for customers of that firm to make a claim for compensation.

Alex Kuczynski, Chief Corporate Affairs Officer at FSCS, said: “FSCS steps in to protect consumers around the UK when authorised financial services firms go bust. This vital service, which is free to consumers, protects your deposits, investments, home finance and insurance. We want anyone who believes they may be owed money as a result of their dealings with any of these firms to get in touch.”

Since it began in 2001, FSCS has helped more than 4.5m people, paying out more than £26bn in compensation.