The Monetary Providers Compensation Scheme, the federal government’s monetary safety-net for customers, has declared two monetary adviser corporations as failed this week.
Each corporations, one in Wales and one in Scotland, have been declared in default and unable to satisfy any compensation claims.
The transfer opens the door to the industry-funded FSCS to pay as much as £85,000 in compensation per legitimate declare.
Scottish agency Elliot Monetary Providers (FRN 185289) was declared in default yesterday by the FSCS and has one declare in opposition to it. The character of the declare has not been disclosed but. It ceased to be authorised after 2003.
Wales agency Mackie Wealth Administration (FRN 498322) was declared in default by the FSCS yesterday after the primary declare in opposition to it had been upheld. The agency has two claims in opposition to it, each for funding recommendation.
Elliott Monetary Providers was primarily based in Rutland Sq., Edinburgh, and is not authorised. George Walter Elliot was listed on the FCA register because the CF1 director. No different regulated employees are listed.
Mackie Wealth Administration was primarily based in Mount Stuart Sq., Cardiff and ceased to be authorised after 2015. The CF1 director is listed as James Francis Mackie.
The FSCS has up to now in June declared seven corporations as below investigation or failed, most of them monetary adviser corporations.
