The Financial Services Compensation Scheme has opened the doors to compensation on five failed financial firms it has declared in default.

The latest list of firms includes a wealth manager, a life and pensions adviser and a credit union.

Firms declared in default by FSCS in Feb and March 2022: 

• John Dyer (Life & Pensions) Ltd (FRN 125135), 100 Walter Road, Swansea, SA1 5QE
• Perry Prowse (Insurance Consultants) Ltd (FRN 311916), Hampton House, 23 Longbrook Street, Exeter, EX4 6AB
• Philip Griffin & Associates (FRN 139008), Langburn Bank, Castleton, Whitby, North Yorkshire, YO21 2EU
• SDSC (Midlands) Ltd, formerly t/a SJL Wealth Management Ltd (FRN 496209), Vicarage Corner House, 219 Burton Road, Derby, Derbyshire, DE23 6AE
• Strathkelvin Credit Union Ltd (FRN 213891), 3 Catherine St, Kirkintilloch, Glasgow, G66 1JB

The number of firms declared in default in February and March was lower than usual. For example, in October and November 2021 a total of 16 firms were declared in default over a two month period. The FSCS has been asked for comment.

In the latest list the FSCS has confirmed that the five firms have defaulted after going out of business and being unable to meet claims themselves. 

The FSCS will now step in to assess and pay accepted claims for compensation and try to recover losses if possible.

Fiona Kidy, FSCS's chief financial officer, said: "FSCS has been getting customers back on track for more than 20 years. Our key aims of protecting consumers and contributing to financial stability are as important as ever. We apply our rules in a consistent and impartial manner and deliver our service with efficiency."