Two more adviser firms have been declared as failed today - increasing the number listed as failed or under investigation by the Financial Services Compensation Scheme this week to seven.

The two firms are PH7 Wealth Management of Burnley, Lancs and WR Simon Ashley Silver Independent Financial Advisor of Leeds.

There are 14 claims against WR Simon Ashley Silver Independent Financial Advisor Ltd (FRN 209539) which applied to cancel its authorisation in May 2022 and is in liquidation. The claims against the firm are for investment and pensions advice.

The FSCS says there is one claim, for SIPP advice, against PH7 Wealth Management Ltd (FRN 842598), formerly known as The Pension Place Ltd and which also traded as PH7 Mortgages and PH7 Insurance Brokers. The firm ceased to be authorised after September 2022 and was dissolved as a company in October 2023.

Neither of the firms have BSPS claims. Both are newly declared failed firms so both have only one upheld claim so far, the FSCS said.

Claimants can seek up to £85,000 per claim against failed firms.

Two days ago Redditch-based Go IFA Ltd became the fifth advice firm this week to be declared as failed or under investigation by the FSCS. The FSCS has received three claims against the firm so far for pension transfer and SIPP investment advice. None of the claims have links to the British Steel Pension Scheme.

Birmingham-based Oakwood Financial Management LLP (FRN: 225473) was declared as failed on Wednesday, with 13 claims relating to pensions and mortgage advice.

Hampshire-based Finsbury Financial Limited (FRN: 503294) was declared as failed on Tuesday. The FSCS told Financial Planning Today that it has received four claims against the firm. It said three have been rejected, but one relating to a collective investment scheme has been upheld, which has triggered the default declaration.

Kathryn Brown (FRN: 670840) and KBFS Financial Ltd (FRN: 831504) were both placed under investigation on 9 April. KBFS Financial had its authorisation revoked by the FCA as a result of enforcement action on 9 February. No FSCS customer claims have been upheld against either firm as yet. Both firms have been associated with claims related to the British Steel Pension Scheme.

Last month the FSCS declared five firms as failed, including Manchester-based Pension Advice Specialists Ltd (FRN: 792927). It was the latest in a number of firms that have failed due to complaints involving pension transfer advice, including Sheffield-based Abbey Lane Financial Associates Limited (FRN 649170), which also failed in March and was linked to the BSPS scandal.