Stockport-based adviser Smith Holdings Ltd, trading as Life Time Independent, has been declared in default by the Financial Services Compensation Scheme (FSCS).

The Financial Services Compensation Scheme, the government-backed body which compensates clients of failed regulated firms, has confirmed that it declared six financial services in default over the past two months.

Advice firm Retirement Direct Limited (FRN: 183942) has been declared as failed by the Financial Services Compensation Scheme.

Twelve firms entered default in August and September, including ten financial adviser firms and two credit unions, the FSCS has confirmed today.