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).

The network arms of failed advice firm Tenet - TenetConnect (FRN: 149826) and TenetConnect Services (FRN 150643) - have now both been declared in default by the Financial Services Compensation Scheme, opening the door to compensation claims.

The 498-member Basildon Credit Union Limited (FRN: 213229) has gone into administration and been declared in default by the Financial Services Compensation Scheme (FSCS).

The FSCS and Police Scotland are investigating a Scottish adviser firm after it appeared that insurance premiums and potentially investment contributions were not being passed on to providers.

West Yorkshire adviser firm Reis Financial Planning Ltd (FRN: 673257) has been declared in default by the Financial Services Compensation Scheme today after a first claim against the firm was upheld.