East Lothian-based adviser firm Money Advice Partnership Ltd (FRN: 715880) has been declared in default by the Financial Services Compensation Scheme.

The move opens the door to ex-clients with valid claims to seek compensation for losses from the FSCS of up to £85,000 per claim.

The FSCS said the firm was declared in default by FSCS on Tuesday as the first claim against it was upheld. The FSCS told Financial Planning Today that the claim was the only one received so far and related to investment advice.

It did not provide any details of the investment advice.

Money Advice Partnership was based in Tranent in East Lothian. According to the FCA Register it had been authorised since June 2016 and previously traded under the names FML Wealth and FML Wealth Estate Planning.

The FCA Register warns: “This firm is in an insolvency process. It is under the control of the appointed insolvency office holder(s) and may have stopped taking on new business. It remains authorised and has to continue to meet our regulatory standards, including when dealing with its customers. If you are/were a customer check how this affects you with the firm or the appointed insolvency office holder(s).”

According to Companies House the firm was incorporated in October 2013 and until March 2015 was known as Latelife Consultants Ltd.

The company was voluntarily wound up in October 2024 and Kevin Mapstone and Kenneth Craig from Begbie Taylor’s Edinburgh office were appointed joint liquidators.

Of three former directors of the firm only Grant Middleton of Edinburgh, who had been a director since 2013, remained active at the time of insolvency.

Stephen Crum of Warrington resigned as a director in 2015 while Nigel Keable, who acted as a director from May 2019 to May 2020, now lives in Spain.

Surrey-based adviser firm Jacob Hopkins McKenzie Ltd (FRN: 793392) - which also traded as 'How Refreshing' - was declared in default by the Financial Services Compensation scheme last Friday.

It was one of three adviser firms declared in default by the FSCS last week. The other two included Inspirational Financial Management Ltd (FRN 223511), trading as IFM Retirement Solutions, with one claim so far upheld and 33 more claims in progress. Some of the claims against Inspirational are understood to be BSPS related.

The other adviser firm declared in default last week was Attanta Ltd (FRN 301621), formerly Neovision Wealth Management Ltd. Attanta has been declared in default with one claim upheld. Nine claims are currently in progress but none are BSPS related, the FSCS said. Ulster-based Attanta provided pensions and investment advice to clients.