SD Asset Management among latest firms in default

The Financial Services Compensation Scheme (FSCS) has declared 21 investments firms in default, including a number of independent financial advisers and mortgage brokers.

Among them is SD Asset Management, whose former managing director, Stephen Danner, was recently denied approval by the FSA. In rejecting an attempt to overturn the initial decision notice, the Upper Tribunal revealed his firm had invested about £25m of client's assets into the Arch Cru funds. Clients of the firms declared in default may be entitled to up to £50,000 in compensation if they have lost money as a result of their dealings. Mark Oakes, head of communications at FSCS, said: "We have already started paying compensation in respect of these firms. "However, we're encourag...