The FSCS has declared Glasgow-based financial adviser firm MacInnes & Bottomley (FRN 121661) in default after a first claim was upheld.

The firm currently has two claims against it, both for pension transfer advice.

One of the claims submitted has been successful and the other was unsuccessful.

The successful claim opens the door to the industry-funded FSCS to pay up to £85,000 in compensation per valid claim.

The FSCS has so far declared eight firms as failed or under investigation this month with two financial adviser declared as failed last week.

Last week the FSCS declared as failed Scottish firm Elliot Financial Services (FRN 185289) which has one claim against it. The FSCS says the firm was involved in 'home finance.' It ceased to be authorised after 2003.

Wales firm Mackie Wealth Management (FRN 498322) was also declared in default by the FSCS last week after the first claim against it was upheld. The firm has two claims against it, both for investment advice.