The Financial Services Compensation Scheme (FSCS) has today declared 17 firms in default - most of them adviser businesses - opening the door to clients claiming compensation.

Some of the firms have been involved in pension transfer advice, including BSPS cases.

Many of the firms are financial advisers, wealth managers and a small number describe themselves as Financial Planners.

All 17 went into default in February and March this year.

FSCS list of firms in default from 1 February to 31 March 2023 (17 firms):

• Alexander Sloan Financial Planning Limited (FRN 190674), 38 Cadogan Street Glasgow G2 7HF
• Bailey Richards Wealth Management Limited (FRN 583487), Suite 4 Earlshouse Earlsway Team Valley Gateshead Tyne & Wear NE11 0RY
• Corporate Benefits Consulting Limited (FRN 516965), 8 Sandyford Place Glasgow G3 7NB
• DAC Pensions Limited formerly Davies & Co SSAS Solutions Limited ta DAC Pensions (FRN 77472), Potton House Wyboston Lakes, Great North Road Wyboston Bedford MK44
• FP Consulting Limited t/a The Salmon Partnership, RMS Wealth Management (FRN 195084) 3 Birch House Harris Business Park Hanbury Road Bromsgrove B60 4DJ
• Help Financial Limited formerly Sterling Wealth Limited A I Financial Management Limited (FRN 653104) Grove House, 2nd Floor 774 - 780 Wilmslow Road Didsbury Manchester M20 2DR
• H&F Financial Limited (FRN 778297) 7 Oldfield Drive, Wouldham, Rochester Kent ME1 3GP United Kingdom
• Hudson Foster Financial Services Limited T/A Hudson Foster & Co, Great Benefits Financial (FRN 131285) Carlton House Grammar School Street Bradford BD1 4NS United Kingdom
• Kings (FRN 197285), Maidstone, ME14 2DQ
• Northern Provident Investments Limited formerly Money Labs Ltd, ISA Lab (FRN 647948) 152-160 Kemp House City Road London EC1V 2NX on 14 December 2014
• Optimise Wealth Management Limited (FRN 812526) 34 Lincoln Road Northwood HA6 1LD United Kingdom
• Osborn Wealth Management Limited formerly Pace Ward Financial Limited (FRN 232576) 2 Etruria Valley Office Village Forge Lane Festival Park Stoke on Trent Staffordshire ST1 5RQ
• Portal Financial Services LLP formerly Portafina LLP (FRN 197285) Portal House, Sunderland Quay, Culpeper Close, Rochester, Kent, ME2 4HN
• PLANET PENSIONS LIMITED s.r.o., v likvidaci t/a Square Mile International Financial, s.r.o. (FRN 526293) 4 Chartwell Gardens Appleton Warrington WA4 5HZ United Kingdom
• RSS&L Limited (774374) St James House 65 Mere Green Road Sutton Coldfield West Midlands B75 5BY England
• The London Trading Company (UK) Limited ta Lontrad, TCM Wealth Management (FRN 678985) 4 Old Park Lane Mayfair London W1K 1QW England
• WGL Altrincham Limited formerly Whitehead Group Limited/Whitehead & Partners Limited (FRN 118229) Whitehead House Pacific Road, Broadheath Altrincham Cheshire WA14 5BJ

As the firms have failed the FSCS has stepped in as they are unlikely to be able to meet any claims themselves.

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.

Lila Pleban, chief communications officer at the FSCS, said: “In the last 12 months we've helped almost 68,000 people receive the compensation they're due.”

• FSCS website: www.fscs.org.uk