The Financial Services Compensation Scheme has begun accepting claims against Verus Financial Services Limited, which previously operated as an independent financial adviser giving insurance, investment, pension, mortgage and equity release advice.

In October 2025, the Financial Conduct Authority issued a first supervisory notice removing the firm’s permission to conduct regulated business and imposing conditions on its ability to use assets and business funds.

The removal of permissions followed the breach of a previous asset restriction and the firm’s failure to comply with a decision made against it by the Financial Ombudsman.

The FSCS has opened an online claim service for those that believe they may have a potential claim against Verus.

In a statement, the FSCS said: “We are currently investigating the firm to determine whether claims meet the qualifying conditions for compensation and this may take some time. We are working closely with the FCA.

“If you have already submitted a complaint to the Financial Ombudsman Service, they may contact you to request your permission to transfer your file to us. You will still need to make a claim with us, however you do not need to provide any evidence which is already held on your FOS file, provided it is transferred to us.”