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FSCS triggers compensation for clients of failed wealth firm

FSCS triggers compensation for clients of failed wealth firm

Clients of failed wealth firm Full Circle Asset Management (FCAM) could be in line for compensation, after the Financial Services Compensation Scheme (FSCS) declared it in default alongside seven other firms.

A declaration of default means the 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, director of corporate affairs at FSCS, said: '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 as we may be able to help you.'

FCAM fell into administration after the business was ordered to pay up to £1.8 million in damages to a retired businessman for breach of contract.

The judgement was made on 1 December 2017 after FCAM was found to be in breach of both mandate and contract as it failed to apply 5% stop losses as agreed and to maintain an appropriate risk profile of the client, retired businessman David Rocker.

The administrators had previously stated that they intended to 'try and secure the future of the business as a going concern.'

Other firms declared to be in default where, Munroe James, Intelligent Financial Planning, Wigan Mortgage and Investment Centre, William Albert Securities, Stanley R Rogers Financial Services, Bright Financial Partnership and Strategic Wealth UK.

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