The Financial Services Compensation Scheme (FSCS) confirmed that 12 businesses have gone bust between December 2021 and January 2022.
Of these, eight were financial advisory and wealth companies, an energy firm, a car dealership, a credit business and a stockbrokerage.
One of the advice firms that failed, namely Argent Wealth Limited, is also believed to have been involved in the British Steel Pension Scheme scandal as it offered financial advice to scheme members, according to investment loss specialists ACL Consulting Limited and other media reports.
Sarah Marin, FSCS’s chief customer officer, said: “FSCS’s protection increases consumer confidence when buying financial products and services, and our compensation helps put customers back on track if firms should fail.
“We encourage customers to claim directly with FSCS via our website, which provides the easy-to-use service they expect. Help is on hand throughout the process, with claims experts available through web chat or over the phone.”
The firms are:
- All Flintshire Credit Union, Flintshire;
- Argent Wealth Limited – trading as Orchard Financial Planners, and as Morley James Asset Management – Houghton le Spring;
- Channel One Financial Planning – trading as Channel One Financial Services – Leeds;
- Financial Planning Solutions (UK) Limited, Bristol;
- Foresight Financial Services Limited – trading as Foresight – Swansea;
- FT Stockbrokers Limited, Egham;
- Hamilton Rose Wealth Management Limited – trading as Athena Wealth, and as www.theisaexpert.co.uk – Mansfield;
- Midland Independent Financial Services Limited – formerly The Mortgage Shop (1977) Limited – Cannock;
- PWH Financial Planning Ltd – trading as WGN Wealth Management – Leeds;
- PWM Advisers Limited, Scottish Borders;
- South Coast Trade Centre Limited, Fareham Hants; and
- The Energy Advisory Centre (UK) Limited, Glasgow.
