The Financial Services Compensation Scheme (FSCS) has announced that 13 firms were declared in default between August and November 2025.

Firms declared in default have gone out of business and will be unable to meet any claims themselves, with the FSCS stepping in to pay compensation to relevant claimants.

Advice firms were amongst those declared in default, with Scotland-based PTC Financial Advice one of the companies to go out of business over the past four months.

Surrey-based Independently East and Yorkshire-based Peter Kettell IFA were two other advice firms declared in default by the FSCS since August.

Life insurance firm Greenhill (Life & Pensions), which is based in Buckinghamshire, was declared in default after failures in providing pensions advice.

London Court Limited, which traded as My Investment Hub, Venicap, was also declared in default, alongside TenetConnect Services and Pello Capital.

Several credit unions, Chesire Neighbours Credit Union, Tullycarnet Credit Union, and Waltham Forest Credit Union, went out of business in the past four months.

The final three of the 13 firms declared in default since August were Premier Insurance Company, Abacus Insurance Consultants, and Gallery Finance.

“FSCS is here to protect consumers across the UK and to contribute to financial stability,” said FSCS chief communications officer, Tina Coates.

“As a trusted compensation service we help people feel confident their money is safe.

“Our free and independent service helps people get back on track when financial firms fail. It is quick and easy to make a claim online and there is help available from our expert claims handlers if customers need it.”

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