FSCS in-default register

Magna Wealth Management Ltd

Declared in default5 February 2019FRN 600163

What this means for you

Because Magna Wealth Management Ltd has been declared in default, you can't complain via the Financial Ombudsman Service in the normal way. Instead, eligible customers can apply to the Financial Services Compensation Scheme for compensation.

Background

Magna Wealth Management Ltd (FRN 600163), a UK regulated financial services firm, was declared in default by the Financial Services Compensation Scheme on 5 February 2019. The firm's specific product offerings cannot be determined from available records. Eligible customers may be entitled to compensation under the FSCS's standard protection limits, though the applicable cap depends on the type of financial product involved.

Products this firm wrote

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How to claim

  1. Check you were a customer of this firm during the period it was regulated.
  2. Gather your policy / advice / contract paperwork — start with anything you have in writing.
  3. Identify your loss and the date it crystallised.
  4. Apply via the FSCS online claim portal at claims.fscs.org.uk.
  5. The FSCS investigation typically takes 6–18 months. They will assess eligibility, liability and quantum.