The Financial Services Compensation Scheme has reported that 10 regulated firms defaulted in October and November.
The declaration of default on these failed firms opens the doors to clients to claim compensation from the FSCS.
A default usually means the firms have gone out of business and are unable to meet any claim themselves.
The defaulted firms include several financial advisers, including Ridgeway Consultants, EQ Financial Planning, Juno Moneta Wealth, Oracle Consultants, Solutions Financial Services and Tudor Court Financial Planning.
Some of the firms were hit by claims connected to poor pension and pension transfer advice, including BSPS cases.
Firms declared in default from 1 October 2022 to 30 November:
- Antonor LLP formerly Priory Impartial Solutions LLP trading as Ridgeway Consultants (FRN 486910), Europe House, Bancroft Road, Reigate, Surrey, RH2 7RP
- EQ Financial Planning Ltd (FRN 575160), Westby, 64 West High Street, Forfar, Angus, DD8 1BJ
- Bartholomew Financial Ltd (FRN 596038), Unit 1, Deryn Court, Wharfedale Road, Cardiff, Caerdydd, CF23 7HA
- Juno Moneta Wealth Ltd, trading as Teal Financial, Empower Wealth Management, NAPIT Wealth (FRN 669519), Sunnybank, Duffryn Lane, St. Nicholas, Cardiff, CF5 6TA
- Oracle Consultants Ltd, trading as Incisive Wealth, Incisive Dental, Incisive Wealth Management (FRN 618258), Grosvenor House, 11 St. Pauls Square, Birmingham, B3 1RB
- Solutions Financial Services (UK) Ltd (FRN 402668), Tansterne Grange, Tansterne, Hull, HU11 4RD
- Hallmark Ltd, trading as Hallmark Mortgages & Overseas Properties, Abbot Insurance Broker (FRN 403377), 38 High Lane West, West Hallam, Ilkeston, Derbyshire, DE7 6HQ
- Thompson Prior LLP (FRN 207510), Hilton House, Hilton, Bridgnorth, Shropshire, WV15 5PD
- Everyday Financial Advice Ltd, trading as Tudor Court Financial Planning (FRN 595535), Limehurst House, Bridge Street, Loughborough, Leicestershire, LE11 1NH
- The TJM Partnership Ltd, formerly T.J. Market (Holdings) plc, Neovision Global Capital Ltd (FRN 498199), Suite 18, Ealing House, 33 Hanger Lane, London, W5 3HJ
The FSCS has reminded consumers that its service is free and it covers money held in bank, building society and credit union accounts. The FSCS also protects insurance, investments, mortgage advice and arranging, debt management and funeral plans.
Sabah Carter, FSCS’s chief data, intelligence and technology officer, said: “FSCS is here to protect consumers across the UK and to contribute to financial stability. We are reaching out to consumers to let them know that compensation may be available if they have suffered losses due to a failed financial services firm. We are a free and independent service that customers can claim directly with.”
