The Financial Services Compensation Scheme has declared Sussex-based wealth manager and Financial Planner Facet Investment Manager (FRN 131372) in default.

The FSCS decision opens the door to ex-clients to make claims against the firm which was declared as insolvent last year.

The FSCS said there had so far been 24 claims against the firm, relating to pensions and investment advice. One claim so far has been upheld, triggering the default decision. The claims are not believe to be BSPS related.

The FSCS can pay up to £85,000 per successful claim with the payments funded by an industry levy.

Voscap Limited of Mayfair, London, has been made the insolvency administrator after Facet placed itself into administration in September last year.

Facet Investment Management Ltd was formerly called Financial Advisors to Consultants Engineers and Technologists Ltd before changing its name. The firm was started in 2001 and had been operating for over 20 years, according to the FCA register.

According to the FCA register some 34 people were listed as working for the business.

In June last year the FCA placed extensive restrictions on the firm, including its appointed rep Berkeley Financial Partners Ltd (FRN: 654149). The FCA told the firm it could not carry out any Part 4A regulated business without prior written consent and most not dispose of or transfer any funds along other restrictions.

This week the FSCS has also placed under investigation two other firms: ALTi RE Ltd, trading as ALTi Tiedemann Global (FRN 582903), and Alvarium Fund Managers (UK) Ltd (FRN 751355).

The two are part of a group of four fund managers and regulated firms involved mainly in alternatives and real estate investments which has failed, the FCA confirmed this week.

The main London-based firms are Alti Re Limited and Alvarium Fund Managers (UK) Limited. Both entered administration on 11 July. Two other firms linked to them: Social Housing Income Advisors Limited and AlTi Strategic Advisory (UK) Limited have also gone into administration. 

Alvarium was previously the fund manager to troubled investment trust Home REIT but lost the mandate to another manager.