The Financial Services Compensation Scheme (FSCS) declared 11 firms in default in March, including several wealth managers and IFA firms.

The move opens the door to clients of the firms claiming compensation from the FSCS.

Wealth managers in default included: Bartholomew Hawkins Limited, trading as Turris Porta Wealth Management Limited in Cardiff; Blakemore Wealth Management Limited in Wolverhampton and Active Finance (Scotland) Limited of Ayr. 

Bartholomew Hawkins Limited was involved in giving pension transfer advice to members of the British Steel Pension Scheme (BSPS).

Fiona Kidy, FSCS's chief financial officer, said: "FSCS is here to protect consumers across the UK and to contribute to financial stability. We are reaching out to consumers to let them know that compensation may be available if they have suffered losses due to a failed financial services firm. 

The FSCS began in 2001 and has helped 5.5m people claim compensation so far.

In a veiled reference to Claims Management Companies the FSCS pointed out that claiming directly from the FSCS means “no fees and get 100 per cent of the compensation.”

Firms declared in default from 1 to 31 March (11 firms) were:

• Active Finance (Scotland) Limited (Firm Reference Number [FRN] 609259), 14 Parkhouse Street, Ayr, Ayrshire KA7 2HH
• Bartholomew Hawkins Limited, trading as (T/A) Turris Porta Wealth Management Limited (FRN 489590), 5 Oak Tree Court, Cardiff Gate Business Park, Cardiff, South Glamorgan CF23 8RS
• Blakemore Wealth Management Limited (FRN 581179), Langley House, Langley Road, Lower Penn, Wolverhampton, West Midlands WV4 4XX
• British Credit Trust Holdings Limited (FRN 312122), New Salisbury House, Slough, Berkshire SL1 1NA
• Crossbrook Insurance Brokers Limited (FRN 565493), 19 Turners Hill, Cheshunt, Waltham Cross, Hertfordshire EN8 8NJ
• DK Consulting (Berkshire) Limited, formerly Plan65 Limited, T/A Davidson Rae Financial Management (FRN 573597), James Cowper Kreston, 8th Floor South, Reading Bridge House, George Street, Reading, Berkshire RG1 8LS
• Estate Matters Financial Limited, T/A Pension Matters (FRN 472900), The Axis Building, Maingate, Kingsway North, Team Valley Trading Estate, Gateshead, Tyne and Wear NE11 0JH
• Hyde Financial Management Limited, formerly Imperial Wealth Management Limited (FRN 501271), Unit B, Upper Boat Trading Estate, Pontypridd, Mid-Glamorgan CF37 5BP
• Mansion Park Limited, T/A Mansion Park Scotland, T/A David Head MPL, T/A Michael J Alexander (FRN 209313), Tournament House, 4 Tournament Way, Ashby-de-la-Zouch, Leicestershire LE65 2UU
• Pentagon (UK) Limited, T/A MoneySaveSolutions.com, Eurodebt Financial Services (FRN 308066), 7 Franklin Court, Stannard Way, Priory Business Park, Bedford, Bedfordshire MK44 3JZ
• Solicitors Financial Services (Central Scotland) Limited, T/A Equity Financial Services (FRN 232377), 38 Alloa Business Centre, The Whins, Alloa, Clackmannanshire FK10 3SA