Firms are declared in default by the FSCS when they are unable to pay claims for compensation made against them.
This means that customers of those firms could now be in line for refunds from the Scheme.
“FSCS steps in to protect consumers around the UK when authorised financial services firms go bust,” said Alex Kuczynski, chief corporate affairs officer at the FSCS.
“This vital service, which is free to consumers, protects your deposits, insurance, investments, home finance and debt management. We want anyone who believes they may be owed money as a result of their dealings with any of these firms to get in touch as we may be able to help you.”
Among the firms that went bust there were insurance, financial, planning, investment and advisory companies.
The businesses were based all over the UK, some of which are:
- Vantage Investment Group and Insurance Marketing in London;
- Susan Fleck Associates and British Insurance in the south east;
- Synergie Financial in the south west; Magna Wealth management and TBO Investments in the West Midlands;
- Premier Financial Solutions, Kennet Life & Pension and Pensionology.uk in the north east,
- Abrams Ashton & Co, Ulverston Financial Services and Greg Smith Financial Insurance Services in the north west.
Since the FSCS was set up in 2001, it has helped more than 4.5 million people receive over £26bn ($33bn, €30bn) in compensation.