
The Financial Services Compensation Scheme has declared 11 firms in default in April and May, including several Financial Planning and advisory firms and a number of credit unions.
The move opens the door to investors to claim compensation from the FSCS over losses due to the failed firms.
Among the Financial Planning and advice firms declared in default were Briggs Murray Financial Planning & Wealth Management Ltd of Pontefract, West Yorkshire; Integrity IFA Ltd of Edinburgh; Juno Moneta Capital Management Limited of Cheltenham and Whitebridge Financial Planning Limited of Newcastle Upon Tyne.
Declarations by FSCS from 1 April 2022 to 31 May 2022 (11 firms):
Debbie Stimpson, chief of staff at FSCS, said: "With rising costs being seen everywhere it is more important than ever that people are supported to get back on track if they lose money when a financial firm fails.
“The FSCS has supported more than 6.5m customers to claim compensation since we were established in 2001 and our recent report, ‘The balancing act of compensation', presents some unique data and insight to contribute to a future compensation framework that balances affordable costs for the industry with appropriate compensation for consumers. We're proud of the vital role FSCS plays in protecting consumers and helping to maintain trust and confidence in the financial services sector."
• The FSCS has also confirmed that from 29 July funeral plans from FCA authorised providers will also be eligible for FSCS protection.