FSCS declares five advice firms in default

On May's list were Phil Ogden Financial Planning, based in Kettering, and Exeter-based Wealth Rapport, formerly Moores Waren.

Two firms - GGC Independent Financial Advice and The O'Rourke Partnership - were based in the North West and the final firm, Premier Wealth Managers, was located in Renfrew, Scotland.

Failed insurance brokerage Larksway Investments was also listed, alongside two automotive firms.

The FCA banned Larksway from acting as an insurance intermediary in November 2017 after the firm failed to prove that it had been adequately handling insurance premiums, payments and banking arrangements.

The declarations of default mean the firms are unable to pay claims for compensation made against them, paving the way for customers to make a claim for compensation with the FSCS.

Alex Kuczynski, chief corporate affairs officer at the FSCS, 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 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.”