A Glasgow-based adviser firm has been declared in default by the FSCS, opening the door to ex-clients to make claims for compensation.

The firm is Broadfoot, McKee and Hamilton, trading as Professional Financial Services (FRN: 145073).

It’s the first firm to be declared in default in 2025 although the firm itself ceased to be authorised after 2015.

The FSCS (Financial Services Compensation Scheme) said that there had been five pensions-related claims against the firm, one of which had been upheld. None are BSPS related.

A declaration of default by the FSCS means regulated firms have gone out of business and are unable to meet claims themselves. The default declaration also means at least one successful claim has been upheld.

The Financial Services Compensation Scheme (FSCS) is the industry-funded safety net for consumers when regulated firms fail.

The company was based at St Vincent Street, Glasgow. According to the FCA register it ceased to be authorised from July 2025.

Some 10 regulated individuals are listed on the FCA website as having worked for the firm including several partners.

Partners included: Frame Alexander Broadfoot, Douglas Williams Jones, Robert William Hamilton and James Alexander McKee.