Staffordshire-based advice firm Norrix Financial Services Ltd (FRN: 224577) has been declared as in default by the Financial Services Compensation Scheme (FSCS).

Norrix formerly traded as RNAMK Ltd and was based in Stoke On Trent.

The advice firm was dissolved earlier this month following a creditors’ voluntary winding up.

The default declaration opens the door to compensation claims against the failed firm through the industry consumer safety net.

The FSCS has so far received three claims against Norrix, all related to pension transfer advice. One claim has been upheld, triggering the default declaration, and one claim has been rejected. The third claim is still in progress. None of the claims are related to the British Steel Pension Scheme.

First registered with the regulator in August 2003, Norrix ceased to be authorised by the FCA after 12 November.

Norrix had one registered individual, Robert Edward Nix. Mr Nix was formerly an investment adviser at DBS Financial Management Plc (between 2001 and 2003). DBS was fined for compliance deficiencies in relation to advertising materials in March 2003.

The FSCS can pay out up to £85,000 per successful claim to clients who have lost money.

In October 10 firms, most of them adviser businesses, were declared as failed or under investigation by the FSCS which has declared over 30 firms as failed or under investigation this year so far.