The Financial Services Compensation Scheme recovered more than £56m from failed firms over the past year, up nearly £2m on the £54m recovered the year before.

The FSCS has declared 12 regulated firms in default over the past two months, according to its latest failed firms list published today.

Kent-based financial advice firm Christopher Barker, trading as Apollo Pension & Investment Advisers (FRN: 470611), has been declared in default by the Financial Services Compensation Scheme.

Central Markets Investment Management (CMIM) Limited (FRN:475828) has been declared in default by the Financial Services Compensation Scheme (FSCS).

The Financial Services Compensation Scheme (FSCS) has lowered its annual levy expectation for 2025/26 to £356m.

A financial adviser and ISA provider has gone into administration a few days after the FSCS launched an investigation into the firm.

The Financial Services Compensation Scheme (FSCS) is to open further investigations into failed wealth manager WealthTek as it makes ‘substantial progress’ on client payouts.

Leeds-based adviser IFA Ltd, trading as Cowburn Milner & Company Limited (FRN 433928), has been declared in default by the Financial Services Compensation Scheme.

Car leasing investment company Raedex Consortium Ltd (FRN 668924), trading as Wheels4Sure and Rent2Own Cars, has been declared in default by the Financial Services Compensation Scheme.

Cambridge-based pension adviser Berkeley Jacobs Financial Services Limited (FRN 158901), which was fined £175,000 for pension rule breaches in 2004, has been declared in default by the Financial Services Compensation Scheme.

The Financial Services Compensation Scheme (FSCS) has declared AXG Advice Ltd (FRN: 450813) as having failed.

Campbell & Associates Independent Financial Advice Ltd (FRN: 602550) has been placed under investigation by the Financial Services Compensation Scheme, after its sole director was charged with a £2.3m against involving clients.

Colchester-based financial advisers Mr G and Mrs P Speller - trading as Solutions Financial Services (FRN 457106) - have been declared in default by the Financial Services Compensation scheme 11 years after losing their FCA authorisation.

The FSCS declared only five regulated firms in default in February and March, sharply down on the 12 firms it declared in default over the same period in 2024.

Glasgow-based pension adviser firm Executive Benefit Consultancy Ltd (FRN: 207482) has been declared in default by the Financial Services Compensation scheme.

East Lothian-based adviser firm Money Advice Partnership Ltd (FRN: 715880) has been declared in default by the Financial Services Compensation Scheme.

Surrey-based adviser firm Jacob Hopkins McKenzie Ltd (FRN: 793392) - which also traded as 'How Refreshing' - has been declared in default by the Financial Services Compensation scheme.

The Financial Services Compensation Scheme has declared two financial adviser firms in default this week after receiving a growing number of claims from ex-clients.

The Prudential Regulation Authority (PRA) has today said it proposes to raise the deposit protection limit of the Financial Services Compensation Scheme (FSCS) from £85,000 to £110,000.

London-based wealth manager LLP Services Ltd (FRN: 229382) has been declared in default today by the Financial Services Compensation Scheme (FSCS).