Colchester-based financial advisers Mr G and Mrs P Speller - trading as Solutions Financial Services (FRN 457106) - have been declared in default by the Financial Services Compensation scheme 11 years after losing their FCA authorisation.

The move opens the door to ex-clients with valid claims to seek compensation for losses from the FSCS of up to £85,000 per claim.

The FSCS said the firm was declared in default by the FSCS on Thursday after the first upheld claim against it.

The industry-funded compensation safety net did not reveal the details of the upheld claim but the firm was listed as a pensions adviser.

The FSCS said there have been five claims made against the firm so far with one being upheld to date. It said the claims were not BSPS related.

According to the FCA Register, Solutions Financial Services was registered from October 2006.

It had four partners, with the two being declared in default by the FSCS this week being Graham Speller and Penny Speller.

The company lost its authorisation in January 2013, according to the Register.

Companies House records show that the firm was incorporated in July 2021 and dissolved in December 2021.

Last week Glasgow-based wealth manager JG Wealth Management Limited (FRN 165729) - which traded under numerous different names include ‘Rest Eazy’ - was declared in default by the Financial Services Compensation Scheme.

Surrey-based adviser firm Jacob Hopkins McKenzie Ltd (FRN: 793392) - which also traded as 'How Refreshing' - was declared in default by the Financial Services Compensation scheme earlier this month.

It was one of three adviser firms declared in default by the FSCS in the same week. The other two included Inspirational Financial Management Ltd (FRN 223511), trading as IFM Retirement Solutions, with one claim so far upheld and 33 more claims in progress. Some of the claims against Inspirational were understood to be BSPS-related.

The other adviser firm declared in default that week was Attanta Ltd (FRN 301621), formerly Neovision Wealth Management Ltd. Attanta has been declared in default with one claim upheld. Nine claims are currently in progress but none are BSPS-related, the FSCS said. Ulster-based Attanta provided pensions and investment advice to clients.