Information for customers of Advancis Limited (known as Buddy Loans)

On 8 September 2021, Advancis Limited (best known by its trading name, Buddy Loans) went into administration. Due to the nature of the company, no protection is offered to consumers under the Financial Services Compensation Scheme.

We are working with the administrators to clarify the impact on the cases already with us.

The administrators have confirmed that whether claims will be accepted – that is, whether complaints will be upheld and someone becomes a ‘creditor’ of the insolvent company – is now a decision for them. They will also decide how much is owed to each creditor.

This means we are unlikely to be able to progress any complaints about Advancis Limited any further, or take on any new cases brought to us.

As a result, we expect to hand complaints to the administrators for them to assess. We’ll do this as soon as we can. We’ll write to individual consumers and claims management companies to explain this, to let them know that they don’t need to do anything further at this stage, and to say that the administrators will get in touch directly.

There is more information on FCA’s website and Buddy Loan’s website.

Latest news

Financial Ombudsman Service receives over 305,000 complaints in 2024/25

2 July 2025

Financial complaints are at their highest level in six years, according to new annual figures.

Annual data Complaints data Annual report Press release CMC

Read more 

Consultation on compensation interest levels launched by the Financial Ombudsman Service

4 June 2025

Today we opened a consultation on the interest rate applied to the compensation awarded to consumers.

Press release

Read more 

Financial Ombudsman Service celebrates raising more than £30,000 for baby loss charity

22 May 2025

We have raised more than £30,000 for Sands, the UK’s leading pregnancy and baby loss charity – hitting our two-year fundraising target in just 12 months.

Press release

Read more