Bridgend-based advice firm Broadlands Partnership (FRN: 402268) has been declared in default by the Financial Services Compensation Scheme (FSCS), opening the door to compensation for ex-clients with valid claims.

Broadlands ceased to be authorised by the FCA in August 2012 and entered voluntary liquidation in 2020.

The FSCS said it had received eight claims against the firm in relation to home finance, investments and pension advice.

One claim has been upheld in relation to pension advice but the claim was not related to the British Steel Pension Scheme

The other seven claims received by the FSCS were unsuccessful.

Broadlands formerly traded under the names Manning Gee Investments, Concept Wealth Management, Wynne Evans Trading as Evans Jones & Co, and Dragon Financial.

The FSCS, the safety-net scheme for retail investors, declared nine firms in default in April and May.

The default declaration opens the door to clients of the firms with valid claims to seek compensation of up to £85,000 per claim.

All the firms have gone out of business and are unable to meet claims themselves.

The FSCS has stressed that its service is free to customers and protection covers money held in bank, building society and credit union accounts. The FSCS also protects clients investing in pensions, financial advice, insurance, investments, mortgage advice and arranging, debt management and funeral plans.

The FSCS was set up by Parliament in 2001 under the Financial Services and Markets Act 2000. It is funded by a levy on financial firms authorised by the Prudential Regulation Authority (PRA) or the Financial Conduct Authority (FCA).