Losses of £106.5 million. FSCS payout £55.6 million
TailorMade Independent (TMI) was an unregulated company based in Cheshire and run by Alistair Burns who was fined and banned by the Financial Conduct Authority back in December 2016 for failure to provide suitable advice to clients and for failing to ensure effective management of conflicts of interest.
As of 25 April 2018, the Financial Services Compensation Scheme received and accepted 1,371 claims against TMI, with compensation totalling over £55.6 million. However, because of the £50,000 compensation limit, the FSCS was unable to cover all the losses, which totalled over £106.5 million.
