FSCS has declared eight advisory firms in default and consumers who have had dealings with them could get money back.

FSCS says the companies defaulted in April.

A declaration of default means FSCS is satisfied a firm is unable to pay claims for compensation made against it, paving the way for customers to make a claim for recompense.

The defaulted companies are:

• Full Circle Asset Management Limited, of Sevenoaks, Kent
• Munroe James Limited t/a Munroe James Ltd, of Burslem, Stoke-On-Trent
• Intelligent Financial Planning Limited t/a Intelligent Financial Planning, of Bromsgrove
• Wigan Mortgage and Investment Centre, of Wigan, Lancashire
• William Albert Securities Limited (formerly t/a Kerford Financial Ltd), of Bedford, Bedfordshire
• Stanley R Rogers Financial Services t/a Stanley R Rogers, of Wrexham, Clwyd
• Bright Financial Partnership LLP, of Brecon, Powys
• Strategic Wealth UK Limited t/a Gibro Wealth, of Deeside, Clwyd

Alex Kuczynski, director of corporate affairs, said: “FSCS steps in to protect consumers around the UK when authorised financial services firms go bust.

“This vital service, which is free to consumers, protects deposits, investments, home finance and insurance.

“We want anyone who believes they may be owed money as a result of their dealings with any of these firms to get in touch as we may be able to help you.” 

Since it began in 2001, FSCS has helped more than 4.5m people, paying out more than £26bn in compensation.