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

It said the firms have been declared in default, which means they have gone out of business and are unable to meet any claims themselves.

When firms are declared in default it opens the door for consumers to lodge claims against them with the compensation body.

The dozen firms declared in default included eight related to unsuitable pension advice, including three linked to the British Steel Pension Scheme (BSPS).

The twelve firms which entered into default in August and September are:


• Arrow Financial Services UK Ltd trading as Arrow Asset Management (FRN 528826) 1 Grey Friars, Chester, Cheshire, CH1 2NW. Arrow is one of the advice firms associated with claims related to the British Steel Pension Scheme (BSPS). The firm ceased to be authorised after 4 October 2021. It was a regulated firm and also had Consumer Buy-to-let status. The company was authorised from 2010. The FSCS opened its investigation into the pension adviser in April.
• Chryson Ltd trading as IQ Money, Chryson Wealth Management and Sharewatch UK (FRN 491208) 7 Torrance Avenue, East Kilbridge, Glasgow, G75 0RN. FCA records show Chryson ceased to be authorised for regulated activities from 26 August 2022. The FSCS said in August that there were 14 claims against Chryson related to investment bonds, secured bonds and CFD.
• Consero Capital LLP trading as Green-ifisa.com and Renewable-bonds.com (FRN 570728) 33 Cavendish Square, London, W1G 0PW. In August  the FSCS said it had received 16 claims against Consero relating to investment bonds and secured bonds. FCA records show the firm ceased to be authorised after 19 December 2019.
• Crosbie Carr Morris Ltd (FRN 799406) 5 Atholl Crescent, Edinburgh, EH3 8EJ. In September the FSCS said there were three claims against the firm relating to unsuitable pension advice. Crosbie Carr Morris ceased to be authorised after February 2022.
• David Craig (FRN 503340) 39 Powderham Drive, South Glamorgan, Cardiff, CF11 8ND. In September the FSCS said there were eight claims against the firm, all relating to unsuitable pension advice. The firm was registered in July 2009 but lost its authorisation in August 2017, according to the FCA’s register.
• Focus Oxford LLP trading as Focus Independent Financial Advisers and Independent Insurance Consultants (FRN 594369) Seacourt Tower, West Way, Oxford, OX2 0JL. In September the FSCS said there were two claims against Focus Oxford relating to unsuitable pension advice. The firm ceased to be authorised after February 2022.
• Hastings & Rother Credit Union Ltd trading as 1066 Community Bank (FRN 213644) Jackson Hall, Portland Place, Hastings, East Sussex, TN34 1QN. The credit union was founded in 1999. In August the FSCS said it expected the total compensation for members of the credit union to be more than £387,000.
• Leslie & Swallow LLP trading as Aston Collie (FRN 601807) 24 Downsview, Chatham, Kent, ME5 0AP. In September the FSCS said there were two claims against the firm relating to unsuitable pension advice. It ceased to be authorised in November 2019.
• Mike Norris Financial Services Ltd (FRN 542126) 19 Chatsworth, Great Holm, Milton Keynes, Buckinghamshire, MK8 9AS. In September the FSCS said one claim had been upheld, two have been rejected and three remain open against the firm all relating to unsuitable pension advice. The firm was authorised by the FCA in August 2011 and applied to cancel its authorisation in January this year, according to the FCA’s Register.
• MLM Wealth Management Ltd trading as MLM Financial Services (FRN 784277) 16 Carron Street, Nairn, IV12 5SJ. In September the FSCS said the firm had two claims against it, both under investigation and both related to BSPS pension transfer advice. MLM ceased to be authorised after September 2021.
• The Financial Planning Practice Ltd (FRN 223388) 21 Murray Street, Llanelli, SA15 1AQ. In August the FSCS said there were five claims against the firm, some of which were related to the British Steel Pension Scheme (BSPS). The firm entered compulsory liquidation in October 2022, so it "would not be subject to the section 404 redress scheme". It was wound up on 13 December 2022.
• 6 Towns Credit Union Ltd (FRN 419396) Room 8, Greets Green Community Enterprise, 157 Wood Lane, West Bromwich, West Midlands, B70 9PT. In August the FSCS said it expects to pay around £1.04m in compensation to 7,416 members of the credit union.

Sarah Marin, FSCS’s chief customer officer, said: “Losing money is often an incredibly stressful experience and it can be very difficult to work out what to do next. If you are a customer of any of these firms and you have suffered financial loss as a result of that firm failing, compensation may be available to you from FSCS.”

FSCS protection covers money held in banks, building societies and credit union accounts. The FSCS also protects insurance, investments, mortgage advice and arranging, debt management and funeral plans.