Along with P3 Wealth, which is based in West Lothian, Scotland, the FSCS declared the following firms in default:
Southport 2000, Southport
Whitehall Financial Independent, Sheffield
North West Mortgages, Cheshire
Belview Finance, Stockport
Carterbar Holdings, Cleveland
SAJ International, North Yorkshire
Bowyer Styles & Co, Shropshire
F C Realisations, Birmingham
Investrac Wealth Management, Shrewsbury
The Redwood Partnership, Northampton
Second City Finance Brokers, Walsall, West Midlands
Fowlers Motors, Newcastle Upon-Tyne
Shakespeare Classic Line, Warwickshire
Ager Financial Services, Reading
Campbell Montague International, London
Portfolio Financial Services, London
Bayliss & Company Financial, Oxfordshire
County F S, Ramsgate, Kent
London Asset Management, London
Stone Futures, Dartford, Kent
St Andrews Securities, London
Ward Consultancy, Reading
Sharwood Insurance Services, Hertford
Professional Financial Management, Somerset
Sutton and Shephard, Bristol
Kingdom Asset Management, Fife
McDonald Insurance Services, Fife
Stewart Asset Management Group, Glasgow
The FSCS said it has already started paying out compensation in respect of the firms, 23 of which offered investment services.
Last May, the Financial Services Authority (FSA) banned and fined Patrick Francis O’Donnell, of P3 Wealth Management. He was hit with a £60,000 penalty for unsuitable sales of unregulated collective investment schemes. At the time the FSA said that O’Donnell did not properly assess whether non-mainstream products were suitable for his clients.
