Another dozen advice fims declared in default by FSCS

A further 12 advice firms have been declared in default by the Financial Services Compensation Scheme (FSCS).

The defaults come in the same week the FSCS revealed compensation paid out by the scheme to customers of failed advice firms has so far totalled almost £1bn. Since its inception in 2001, the FSCS has paid out more than £975m to 165,000 clients of a total of 2,391 failed financial advice firms. The failed firms are: Momentum Investment and Financial Services Mentor Professional PRM Financial Management Prosperity Corporate Consultancy Greenage Ventures trading as Integritas Financial Professional Financial Solutions SRFM Limited formerly Paramount Financial Services St...