The Financial Conduct Authority has advised former customers of Verus Financial Services Limited to check whether they may have a claim through the Financial Services Compensation Scheme. The FCA’s notice, dated 29 October 2026, says that the scheme is assessing the circumstances and will determine whether individual claims qualify. Opening or publicising a route to assessment is not a ruling that every former client has suffered an eligible loss.[1]
The regulator describes Verus as an independent financial-advice firm whose activities included investments, pensions, mortgages, equity release and insurance. It says the business has lacked permission to carry out any UK regulated financial-services activity since 2025. A customer who held a product introduced or recommended by the firm should not assume, merely from that relationship, that the product itself was unauthorised or that a claim will be successful.[1]
The procedural distinction matters
What the public notice does and does not establish
| Claim stage | Status |
|---|---|
| Former-customer eligibility | Customer can check on official FSCS channel |
| Loss and cause | Must be assessed in individual circumstances |
| Compensation decision | Not automatically established by FCA notice |
| Regulatory permission | FCA says Verus has lacked UK regulated-business permission since 2025 |
Compensation schemes have eligibility criteria that depend on the regulated activity, the claimant, the loss and the applicable legal and scheme rules. The precise protections can differ between investment and other advice categories. That is why the FCA’s wording directs customers to FSCS rather than announcing a universal sum per customer. Readers should use official channels and supply evidence of the advice, product and alleged loss rather than assuming a one-size-fits-all outcome.[1]
The FCA also warns former clients to be alert to firms or individuals offering to recover money for an upfront payment. A claimant should verify contact details through the authority’s official website instead of responding to an unsolicited approach using a name resembling the regulator, administrator or compensation service.[1]
The development is separate from another October case involving Bullseye Financial, an investment-management firm in administration. The two notices concern different entities and different underlying customer relationships. No pooled or merged compensation process is announced for them in the available FCA material.[1]
Sources & further reading
- FCA encourages former Verus Financial Services Limited customers to check if they can claim with FSCS Financial Conduct Authority · 29 Oct 2026 · Accessed 31 Oct 2026
- FSCS official claim service Financial Services Compensation Scheme · Accessed 31 Oct 2026