The Financial Services Compensation Scheme (FSCS) declared 10 advice businesses in default throughout October and November 2022.
This means the companies have gone out of business and are unable to meet any claims themselves.
As a result, the FSCS is urging all customers who are owed money by any of the 10 firms to get in touch and see if they are eligible for compensation.
Some of the businesses that went bust also provided pension transfer advice to former members of the British Steel Pension Scheme.
Sabah Carter, FSCS’s chief data, intelligence and technology officer, said: “FSCS is here to protect consumers across the UK and to contribute to financial stability. We are reaching out to consumers to let them know that compensation may be available if they have suffered losses due to a failed financial services firm.
“We are a free and independent service that customers can claim directly with.”
The companies in question are:
- Antonor – formerly Priory Impartial Solutions trading as Ridgeway Consultants – in Surrey;
- EQ Financial Planning in Angus;
- Bartholomew Financial in Cardiff;
- Juno Moneta Wealth – trading as Teal Financial, Empower Wealth management and NAPIT Wealth – in Cardiff;
- Oracle Consultants – trading as Incisive Wealth, Incisive Dental and Incisive Wealth Management – in Birmingham;
- Solutions Financial Services (UK) in Hull;
- Hallmark – trading as Hallmark Mortgages & Overseas Properties and Abbot Insurance Broker – in Derbyshire;
- Thompson Prior in Shropshire;
- Everyday Financial Advice – trading as Tudor Court Financial Planning – in Loughborough; and
- The TJM Partnership – formerly TJ Market (Holdings) and Neovision Global Capital – in London.