The Financial Services Compensation Scheme (FSCS) has confirmed that 12 firms were declared in default in April and May 2025, including several wealth management companies.

Firms declared in default by the FSCS have gone out of business and are unable to meet any customer claims themselves.

Included in the 12 firms in default were Attanta, formerly Neovision Wealth Management; Money Advice Partnership Ltd, formerly FML Wealth; and JG Wealth Management, formerly Johnston Gray & Wardrop.

Berkeley Jacobs Financial Services; Jacob Hopkins McKenzie; Central Markets Investment Management; and Executive Benefit Consultancy were also declared in default over the two-month period.

Rounding off the 12 companies were Central Markets Investment Management; AXG Advice, formerly The Salmon Financial Partnership; IFA Ltd, trading as Cowburn Milner & Company; Inspirational Financial Management, trading as IFM Retirement Solutions; Mr G and Mrs P Speller, trading as Solutions Financial Services; and Raedex Consortium Ltd, trading as Wheels4Sure, Rent2OwnCars.

The FSCS noted that customers who may be owed money by these firms can find out how to make a claim by visiting its website.

Commenting on the update, FSCS head of operations, Denise Farthing, said: “The claims process might seem daunting when you have lost money as a result of a financial firm going out of business, but our skilled claims handlers are there to help at each stage of the claims journey.

“Customers can claim directly via our website, safe in the knowledge that they will keep 100 per cent of any compensation they are due.”

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