Former Verus Financial Services customers can now check if they can claim compensation

What has happened

On 29 October 2026 the Financial Conduct Authority (FCA) said that the FSCS has placed Verus Financial Services Limited under investigation and is now open to customer claims. Compensation may be available, subject to the FSCS assessing each claim and deciding whether it is eligible.

Verus was an independent financial adviser firm. It gave advice on investments, pensions, mortgages, equity release and insurance. Since 2025 it has not had permission to carry out any regulated financial services activity in the UK, including giving financial advice.

The FCA removed the firm's permissions in December 2025. It said the firm had repeatedly breached a restriction on selling or moving its assets, had not complied with a Financial Ombudsman Service decision in a customer's favour, and had not been open and cooperative with the regulator.

What it means for you

The FSCS protects customers of authorised financial services firms that have failed. If you took advice from Verus and lost out as a result, the FSCS may be able to pay you compensation. Whether you get anything, and how much, depends on its assessment of your case and on its compensation limits.

If you already took a complaint about Verus to the Financial Ombudsman Service, the Ombudsman will contact you about next steps. You will still need to make a claim with the FSCS, but you will not need to send evidence again if the Ombudsman passes your file to the FSCS.

The FCA says that for most of the firm's clients there will be no benefit in paying a claims management company or law firm to claim for them. Making a claim yourself is free.

Who it affects

Anyone who was a customer of Verus Financial Services Limited, especially people it advised on investments, pensions, mortgages, equity release or insurance.

What you can do

• Check whether you can claim on the FSCS page for Verus Financial Services, or call the FSCS helpline on 0800 678 1100.
• If you have a complaint with the Financial Ombudsman Service already, wait for it to contact you. You can reach the Ombudsman on 0800 023 4567 if you need to.
• Be cautious if a claims management company or law firm offers to claim for you. You can do it yourself for free, and the FCA explains what to check before using a claims management company.
• If you get an unexpected call from someone saying they are from Verus, end the call straight away. Never pay an upfront fee to someone offering to recover your money. The FCA explains how recovery room scams work.
• If losing this money has left you struggling with bills or debts, free and confidential debt advice is available from MoneyHelper, StepChange, National Debtline and Citizens Advice.

Sources

Every fact in this page was checked against these official sources on 30 October 2026.

1. FCA encourages former Verus Financial Services Limited customers to check if they can claim with FSCS Financial Conduct Authority
2. FCA stops Verus Financial Services Limited carrying out regulated activities Financial Conduct Authority
3. Using claims management companies Financial Conduct Authority

Written and fact-checked by the PiggyBank editorial team. Published 30 October 2026. This news is general information, not financial advice. How we write and check our guides.