The Financial Services Compensation Scheme (FSCS) has declared nine firms in default today, paving the way for consumers to be compensated for their losses.

The firms include a Midlands Financial Planning business, a wealth manager in Cheshire, several financial advisers across the UK and a mortgage consultant.

The firms declared in default during July are:

Greater London

•Ignition Select Limited, c/o Begbies Traynor London LLP, 31st Floor, 40 Bank Street, Canary Wharf, London, E14 5NR

•Talk Financial Solutions Limited, Gable House, 239 Regents Park Road, London, N3 1LF

•The Mortgage Consultants Limited, 405A Footscray Road, London, SE9 3UL

South East

•Accuro Finance Limited, 1-3 Tonbridge Road, Barming, Maidstone, Kent, ME16 9HB

•Vans R Us (Southern) Limited T/A Complete Commercial, 121 Redbridge Road, Southampton, Hants., SO15 0ND

West Midlands

•Ashfield Financial Planning (UK) Limited, c/o Butcher Woods, St. Pauls Terrace, 79 Caroline Street, Birmingham, West Midlands, B3 1UP

North West

•Box Insurance Services and Newton General Insurance Services, 16 Preston Old Road, Freckleton, Preston, Lancs., PR4 1PD

•Care Asset Management Limited, 6th Floor, Orbit House, Albert Street, Eccles, Manchester, Lancs., M30 0BL

•R W Harris Limited t/a Roger Harris and Company/Greystone Wealth Management, Foundation House, Scott Drive, Altrincham, Cheshire, WA15 8AB

The FSCS is the UK's statutory compensation scheme for consumers who have suffered loss due to dealing with financial services firms which have failed. It is funded by the financial services sector. The FSCS protects deposits, investment business, home finance (mortgage) advice, general insurance, insurance broking and debt management.

Limits apply to compensation ranging from £85,000 per person per authorised deposit taker to £50,000 on investments and home finance (per person, per firm).

Since it began in 2001, the FSCS has helped more than 4.5m people, paying out more than £26bn in compensation.