Six financial advice firms were declared in default in August and September 2024, the Financial Services Compensation Scheme (FSCS) has confirmed.

The firms are therefore unable to meet any claims from affected customers, with the FSCS to step in to pay compensation if its requirements are met.

Green Gem Financial was declared in default in August, and the firm was linked to advice given to British Steel Pension Scheme (BSPS) members.

Mark Peter Houlbrook, trading as Thorn Investment & Pension Services, was also a company associated with claims regarding the BSPS that defaulted during the month.

Meanwhile, Barton Hatcher Ingram Financial Management and Triple A Financial Services were declared in default in September, with both firms linked to pension advice claims.

Financial planning and wealth management firm, Pro-Synergy Wealth & Tax Management, trading as Sedulo Wealth Management, defaulted in September, alongside independent financial advice company Colbourne & Company.

So far this financial year, the FSCS has declared 23 firms in default, with the largest amount of compensation being paid out to customers of Alexander David Securities (£2.6m) and Castle & Crystal Credit Union (also £2.6m).

Commenting on the update, FSCS chief counsel, James Darbyshire, said: “We continue to receive claims months or even years after a firm fails.

“We are reaching out to let people know that compensation may be available if they have suffered losses due to the failure of these six financial services firms.

“We are a free and independent service, and customers can claim directly from us.”

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