The FSCS has today declared two regulated advice firms as failed, opening the door to compensation claims.

The two firms used a number of trading names.

Appointed rep Juno Moneta Wealth Limited (FRN 669519), of Cardiff, traded as Teal Financial and also as Empower Wealth Management and NAPIT Wealth.

The firm was an appointed rep of Network Direct Limited until August 2018. It was no longer authorised after August 2018.

The FSCS said Juno had an outstanding claim against it for unsuitable investment advice.

The other firm named today is London-based The Oracle Consultants Limited (FRN 618258). The claim against this firm is a general investment claim, the FSCS said.

Oracle used a number of trading names including Incisive Wealth, Incisive Dental and Incisive Wealth Management. It went into liquidation in 2014.