The Financial Services Compensation Scheme (FSCS) has declared 16 firms in default, including a number of financial advisers and wealth managers.

The move opens the door to investors to claim compensation from the FSCS.

The firms were declared in default in October and November.

Several of the firms included in the list of defaults are failed financial adviser firms who arranged pension transfers for members of the British Steel Pension Scheme (BSPS).

Claims against just one of the firms could run into hundreds of thousands of pounds, said one accountancy firms involved in assessing the fall out.

The three firms being declared in default by the FSCS with links to BSPS transfers are: West Wales Financial Services Ltd, AW Dallas Financial Services Ltd and Fortuna Wealth Management Ltd.

West Wales Financial Services was one of 10 firms first asked to halt DB transfer work by the Financial Conduct Authority due to advice given to BSPS members.

West Wales Financial Services was also trading as IWA Financial Solutions and Mike Powell Mortgages.

Wolverhampton-based Fortuna Wealth was previously known as Fidelis Wealth Management Ltd and AWG Financial Ltd.

A.W.Dallas Financial Services was forced into liquidation in August after receiving 35 Financial Ombudsman Service (FOS) complaints in relation to BSPS pension transfer advice.

According to accountancy firm Menzies, which was instructed to place the firm into creditors’ voluntary liquidation earlier this month, the liability on the complaints could exceed hundred of thousands of pounds.

The full list of firms declared in default by the FSCS from 1 October to 30 November:

• A. W. Dallas Financial Services Ltd, t/a (trading as) Portfolio Pension Consultancy (FRN 481208), Unit 2 Langdon House, Langdon Road, Swansea, SA1 8QY.
• Acklam Financial Ltd (FRN 223707), 261a Acklam Road, Acklam, Middlesbrough, TS5 7BP.
• Armstrong Campbell LLP (FRN 437244), 9 Murton Street, Newcastle Upon Tyne, NE13 9AF.
• Border Cars (Dumfries) Ltd, t/a BC Motorhomes, BCM, BM Services, Border Cars (FRN 309061), 130-132 Terregles Street, Dumfries, Dumfriesshire, DG2 9DX.
• Broadlands Partnership Ltd, t/a Manning Gee Investments (FRN 565547), 41 Ludlow Street, Penarth, Vale of Glamorgan, CF64 1EX.
• Fortuna Wealth Management Ltd, previously Fidelis Wealth Management Ltd, AWG Financial Ltd (FRN 774173), 24 Cannon Road, Wombourne, Wolverhampton, WV5 9HR.
• Independent Benefit Consultancy Ltd (FRN 522390), Ingram House, 227 Ingram Street, Glasgow, G1 1AD.
• Lifestyle Financial Consultancy Ltd (FRN 628838), Imperial Chambers, Widemarsh Street, Hereford, Herefordshire, HR4 9EP.
• MCE Insurance Company Ltd (FRN 611321), 1st Floor, World Trade Center, Gibraltar.
• Meyado Private Wealth Management London Ltd, formerly Berkshire Financial Advisers Ltd (FRN 442632), 23 Berkeley Square, London, W1J 6HE.
• Network Direct Limited (FRN 501761), 5 Lancer House, Hussar Court, Westside View, Waterlooville, Hampshire, PO7 7SE.
• Retirement & Pension Planning Services Ltd (FRN 542640), Unit 32, Mount Osbourne Business Centre, Oakwell View, Barnsley, South Yorkshire, S71 1HH.
• Spires Independent Ltd, t/a Paladin, Tony Castrey Wealth Management (FRN 585453) 33 Market Street, Lichfield, Staffordshire, WS13 6LA.
• Tramway Financial Management Ltd (FRN 752006), Suite 2, Croft Lane, Temple Grafton, Alcester, Warwickshire, B49 6PW.
• West Wales Financial Services Ltd t/a IWA Financial Solutions, Mike Powell Mortgages (FRN 756482), 6a Llys Y Barcud Clos, Gelliwerdd, Cross Hands Industrial Estate, Cross Hands, SA14 6RX.
• Will Insurance Services Ltd (FRN 306782), 4 - 6 Ellingfort Road, Hackney, London, E8 3PA.

Caroline Rainbird, chief executive at the FSCS, said: "We know it's stressful when a financial firm stops trading but owes you money. That's why we have specially trained claims handlers who are here to assist you through every step of the process, and we'll keep you up to date with our progress. In the 2020/21 financial year we helped more than 52,000 customers get back on track - by either paying them compensation or enabling them to transfer to a new provider for their investment or insurance policy."

Anyone with potential claims against the firm listed can visit https://claims.fscs.org.uk/. People can also contact FSCS’s Customer Services Team on 0800 678 1100 or 020 7741 4100, or by email at This email address is being protected from spambots. You need JavaScript enabled to view it..

The FSCS has so far helped more than 5m people since 2001.

In 2017, many British Steel workers were advised to transfer out of their defined benefit pension into a defined contribution pension, typically a Personal Pension Plan or a Self-Invested Personal Pension (SIPP).

It was one of three choices available to BSPS members. The others were the new scheme (BSPS2) and Pension Protection Fund (PPF).

The British Steel Pension Scheme was restructured in 2018.

When British Steel decided to encourage workers to consider moving their pension a number of advice firms moved in but poor advice was widespread and the scandal attracted national media attention with a number of Financial Planners helping victims on a pro bono basis and leading MPs getting involved.