FSCS declared seven failed firms in default in August and September, it reported today - opening the door to compensation claims from customers.

The firms include a Financial Planning business, a pension and benefits adviser, several financial advisory firms and two credit unions.

The firms have gone out of business and are deemed unable to meet any claim themselves, the FSCS said.

The FSCS said the number of claims it receives for compensation continues to be substantial. Between April and August the FSCS processed over 67,000 claims and paid out over £180m in compensation, its latest figures show.

The firms declared in default from 1 August to 30 September:

• Birmingham Inner Circle Community Credit Union Ltd (FRN 213254) Ladywood Community Centre, St Vincent Street West, Ladywood, Birmingham, B16 8RP
• Daniel Stewart & Company Plc, formerly Oval Ltd trading as Daniel Stewart & Company Ltd (FRN 145026) 33 Creechurch Lane, London EC3A 5EB
• FSP Ltd (FRN 607441) 20-22 Wenlock Road, London, N1 7GU
• Gloucestershire Credit Union Ltd (FRN 214254) The Gloucester Library, Brunswick Road, Gloucester, GL1 1HT
• Mercia Financial Planning Ltd (FRN 718251) Cranford North Street, Atherstone Warwickshire CV9 1JL
• Nationwide Benefit Consultants Limited t/a The Pension Reporter (FRN 624316) The Stirrups, Kidderminster Road, Cutnall Green, Droitwich Worcestershire WR9 0PW
• Trust Financial Consulting Ltd (FRN 401459) The Mount, 199 Beer Road, Beer, Seaton, Devon, EX12 2QB

FSCS chief communications officer Lila Pleban said: “Between April and the end of August this year FSCS processed 67,162 claims, paying customers around £184m in compensation to get them back on track when financial firms have failed.

“Our highly skilled and experienced claims staff are ready to help people when a firm that owes them money stops trading. It's also easy for customers to claim directly, free of charge on the FSCS website."