Total Wealth Management, based in Bedfordshire, was rapped by the lifeboat scheme; as was Essex-based FG, which also traded under the names PMI Independent Financial Advisers and the Financial Group.
Kellands, a dissolved Northern Ireland financial advice firm, was also declared in default.
A declaration of default means the FSCS is satisfied a firm is unable to pay claims for compensation made against it. This paves the way for customers of that firm to make a claim.
The FSCS, which is the UK’s statutory compensation scheme that protects customers of regulated financial services firms, said consumers may be able to claim back any money lost as a result of dealing with any of the 24 companies.
Vital service
Alex Kuczynski, the FSCS’s director of corporate affairs, said: “FSCS steps in to protect consumers around the UK when authorised financial services firms go bust. This vital service, which is free to consumers, protects your deposits, investments, home finance and insurance.
“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.”
In February, the FSCS said it was preparing to declare Active Wealth, which was at the centre of “questionable advice” given to British Steel Pension Scheme (BSPS) members, in default.
Since it began in 2001, FSCS has helped more than 4.5 million people, paying out more than £26bn (€29.3bn, $36bn) in compensation.
