MAGIC Scotland Ltd
What this means for you
Because MAGIC Scotland 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
MAGIC Scotland Ltd, a UK-regulated financial services firm operating under FRN 466475, was declared in default by the Financial Services Compensation Scheme (FSCS) on 3 January 2018. The firm's specific product offerings cannot be determined from available records, limiting clarity on the scope of customer exposure. Former customers of MAGIC Scotland Ltd may be eligible for FSCS compensation, though the applicable limits depend on the type of financial products involved—typically up to £85,000 for deposits, investments, or mortgages, or 90 per cent of claims for insurance products without a monetary cap.
Products this firm wrote
How to claim
- Check you were a customer of this firm during the period it was regulated.
- Gather your policy / advice / contract paperwork — start with anything you have in writing.
- Identify your loss and the date it crystallised.
- Apply via the FSCS online claim portal at claims.fscs.org.uk.
- The FSCS investigation typically takes 6–18 months. They will assess eligibility, liability and quantum.