FSCS confirms five firms were declared in default in February and March 2025
FSCS has confirmed that the five firms below were declared in default in the last two months – which means they have gone out of business and are unable to meet any claims themselves.
Customers who may be owed money by these firms can see details about how to make a claim by visiting the FSCS website at www.fscs.org.uk/making-a-claim.
If a regulated financial firm is no longer trading and cannot pay a customer’s claim, FSCS can step in to pay compensation if certain requirements are met.
We’re independent and our service is free to customers. Our protection covers money held in bank, building society and credit union accounts. FSCS also protects pensions, financial advice, insurance, investments, mortgage advice and arranging, debt management and funeral plans.
Fiona Kidy, Chief Financial and People Officer at FSCS said: “FSCS is here to protect consumers across the UK and to contribute to financial stability. We’re letting consumers know that compensation may be available if they’ve lost money because a financial services firm they dealt with has failed. Customers who claim directly with us keep 100% of any compensation.”
Visit www.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 Freephone 0800 678 1100 or +44 20 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 X (Twitter).
Defaults declared by FSCS from 1 February to 31 March 2025 (5 firms):
| Firm | Address | Date declared in default |
|
Foreign Currency Innovations Ltd, trading as FCI, FCI Markets, FCI Capital Management, formerly Earnex (FRN 616985) |
Suite 1C, Union House, 117 High Street, Billericay, CM12 9AH | 06/02/2025 |
|
Reis Financial Planning Ltd (FRN 673257) |
26 Crosland Edge, Meltham, Holmfirth, HD9 5RS | 20/02/2025 |
|
Basildon Credit Union Ltd (FRN 213229) |
The Basildon Centre, St Martins Square, Basildon, SS14 1DL | 17/03/2025 |
|
TenetConnect Ltd formerly Interdependence Ltd, trading as Tenet Network Services (FRN 149826) |
5 Lister Hill, Horsforth, Leeds, LS18 5AZ | 25/03/2025 |
|
LLP Services Ltd (FRN 229382) |
36 St Georges’ Wharf, 6 Shad Thames, London, SE1 2YS | 28/03/2025 |
In the last financial year (from 01/04/2024 to 31/03/2025) FSCS has declared 45 firms in default. Of these firms, the top five in terms of compensation paid out (at the end of March) are:
| Firm | Date declared in default | Compensation paid at 31/01/25 |
|
London Community Credit Union Limited (FRN 213743) |
22/01/2025 |
£13.3m* |
|
Alexander David Securities Limited (FRN 469150) |
30/04/2024 |
£7.4m |
|
Castle & Crystal Credit Union Limited (FRN 213711) |
21/05/2024 |
£2.4m |
|
Haich & Associates (UK) Limited (FRN 791582) |
11/06/2024 |
£1.1m |
|
Foreign Currency Innovations Ltd (FRN 616985) |
06/02/2025 |
£300,000-£400,000 |
We also continue to pay compensation for claims relating to failures declared in previous financial years. We provide full updates on our compensation figures in our regular industry publications which you can find on our website.
*Total compensation is expected to be £15.4m.
Media enquiries
Email: publicrelations@fscs.org.uk