The Financial Services Compensation Scheme has declared 11 firms in default in April and May, including several Financial Planning and advisory firms and a number of credit unions.

The move opens the door to investors to claim compensation from the FSCS over losses due to the failed firms.

Among the Financial Planning and advice firms declared in default were Briggs Murray Financial Planning & Wealth Management Ltd of Pontefract, West Yorkshire; Integrity IFA Ltd of Edinburgh; Juno Moneta Capital Management Limited of Cheltenham and Whitebridge Financial Planning Limited of Newcastle Upon Tyne.

Declarations by FSCS from 1 April 2022 to 31 May 2022 (11 firms): 

•       A to Z Mortgages Limited t/a Dunure Asset Management (FRN 227542), 6 Bowmore Crescent, East Kilbride, Glasgow, South Lanarkshire, G74 5DD. 
•       Briggs Murray Financial Planning & Wealth Management Ltd t/a Briggs Murray Wealth (FRN 773229), Southgate Business Centre, 32 Gillygate, Pontefract, West Yorkshire, England, WF8 1PQ. 
•       City of Plymouth Credit Union Ltd (FRN 213937), 14 Cumberland Street, Devonport, Plymouth, Devon, PL1 4DX. 
•       Integrity IFA Limited t/a Dewar and Partners, Scottish Landlords Insurance, Wood and Ker (FRN 514600), 25 Morton Street Edinburgh EH15 2HN. 
•       Juno Moneta Capital Management Limited formerly Corcillum Limited t/a Morgan Peterson, BL Financial (FRN 753184), Suite G2 Montpellier House, Montpellier Drive, Cheltenham, GL50 1TY.
•       Keywood Olley & Associates Limited t/a North East Mortgages, EMH Financial Planning (FRN 401067), Winster House 177a Bradford Road, Bingley, West Yorkshire, BD16 1AH. 
•       North East Warrington Credit Union Ltd (FRN 213530), Telfer House, 2 Cinnamon Lane, Fearnhead, Warrington, WA2 0BD. 
•       Rainbow Saver Anglia Credit Union Ltd (FRN 213617), 229 London Road South, Lowestoft, Suffolk, NR33 0DS
•       Rajan Business Centre Limited (FRN 671365), 22 Chapel Road, Ilford, Essex, United Kingdom, IG1 2AG. 
•       Westbury Private Clients LLP (FRN 595603), 1st Floor, 4 Staple Inn Holborn London WC1V 7QH. 
•       Whitebridge Financial Planning Limited (FRN 610304), 9 Sinderby Close Whitebridge Park Newcastle upon Tyne, Tyne and Wear NE3 5JB.  

Debbie Stimpson, chief of staff at FSCS, said: "With rising costs being seen everywhere it is more important than ever that people are supported to get back on track if they lose money when a financial firm fails. 

“The FSCS has supported more than 6.5m customers to claim compensation since we were established in 2001 and our recent report, ‘The balancing act of compensation', presents some unique data and insight to contribute to a future compensation framework that balances affordable costs for the industry with appropriate compensation for consumers. We're proud of the vital role FSCS plays in protecting consumers and helping to maintain trust and confidence in the financial services sector."  

• The FSCS has also confirmed that from 29 July funeral plans from FCA authorised providers will also be eligible for FSCS protection.