The government-backed Financial Services Compensation Scheme (FSCS) has today declared 13 firms in default - most of them adviser businesses - opening the door to clients claiming compensation.

Some of the firms have been involved in pension transfer advice, including BSPS cases.

Many of the firms are financial advisers, wealth managers and a small number describe themselves as Financial Planners.

The firms include Better Retirement Group, Aquila Financial Services, Cadogan Asset Management, Corporate Financial Planning, Nurture Financial Planning, Plan Your Retirement Limited and Premier Wealth Management.

The 13 firms were all declared in default in December and January:

FSCS list of firms in default from 1 December 2022 to 30 January 2023 (13 firms):

• Better Retirement Group Ltd formerly Directly Financial Ltd, Financial Strategy Ltd (FRN 153420) 400 Pavilion Drive, Northampton, NN4 7PA
• Aquila Financial Services (FRN 539133), 9 Regent Street, Barnsley, South Yorkshire, S70 2EG
• Broadgate Financial Management LLP (FRN 589112), 23 The Green, 1st Floor Broadgate House, Billingham, TS23 1ES
• Cadogan Asset Management Limited (FRN 749342), 85 Great Portland Street, London, W1W 7LT
• Midhurst Asset Management Limited (FRN 154333), 3 St John's Church Road, Homerton, London, E9 6EJ
• Braemar Wealth Management NW Limited (FRN 425022) 95A Wood Lane, Timperley, Altrincham, WA15 7PG
• Nurture Financial Planning Limited t/a Premier IFA Limited (FRN 496332), Lawrence House, 5 St. Andrews Hill, Norwich, Norfolk, NR2 1AD
• Vintage Investment Services t/a Vintage, Vintage Protect, Vintage Mortgages (FRN 142806) Vintage House, 3a Lockheed Court, Stockton-on-tees, Cleveland, TS18 3SH
• Plan Your Retirement Limited (FRN 476475) 1st Floor, 10 Church St, Kidderminster DY10 2AD
• A+ Financial Services Limited t/a aplus independent financial advice, Grosvenor Trust & Saving, aplus (FRN 222159) Unit 16 Sovereign Park, Cleveland Way Hemel Hempstead Industrial Estate Hemel Hempstead Hertfordshire HP2 7DA
• FSC Investment Services Limited formerly Ashwood Wealth Management Limited (FRN 441650), 264 Banbury Road, Oxford, OX2 7DY
• Craig Mitchell t/a Craig Mitchell Personal and Corporate Financial Planning (FRN 624013), 4 Abbotsford Lane, Hamilton, ML3 0RR
• Premier Wealth Management Harrogate Limited (FRN 752619), Afh House, Buntsford Drive, Stoke Heath Bromsgrove, B60 4JE

As the firms have failed the FSCS has stepped in as the firms are unlikely to be able to meet any claims themselves.

The FSCS has reminded victims of firm failure that it is independent, its service is free to consumers and customers keep all the compensation they are owed when they claim through the FSCS.

FSCS protection covers money held in banks, building societies and credit union accounts. The FSCS also protects insurance, investments, mortgage advice and arranging, debt management and funeral plans.

Fiona Kidy, FSCS's chief financial officer said: "Customers of financial firms that have failed or are no longer trading can make a claim to us and we'll do all we can to compensate them. Our service is free, and customers keep all the compensation they're due if they claim directly with us. So far this financial year FSCS has handled over 90,000 claims."

• FSCS website: www.fscs.org.uk