Scottish Financial Planning partnership Advice & Wealth Management Solutions LLP has been declared in default by the Financial Services Compensation Scheme (FSCS).

The default declaration from the consumer financial safety net opens the door to clients to claim compensation of up to £85,000 per claim.

The FSCS has so far received one claim against the firm, which was upheld, triggering the default.

The claim was not related to the British Steel Pension Scheme.

Glasgow-based Advice & Wealth Management Solutions (FRN: 599263) ceased trading in 2022 and has not been authorised by the FCA since February of that year.

The firm was founded in February 2013.

Former members of the partnership included Clayton James Wealth, Kilnaughton, Sue Watson Scotland, JW Financial Planning and Collins Financial.

Four former partners of the firm, Thomas Brian Collins, Derek Shirley, Joanne McDermott Woods and Clayton James William Cumming, are now registered with the FCA as holding permissions via True Potential.

Another two former partners, Susan Watson and Ross Gordon MacArther, are now with Sandringham Financial Partners.