The Financial Services Compensation Scheme (FSCS) declared seven financial advice firms in default in February 2020.
The lifeboat fund named Hampton-based NJ Associates and Wimbledon-based Hector McLean Financial Consultants in default, as well as Nottingham-based Intuitive Financial Associates.
Milton Keynes-based Totus Capital Limited, which formerly traded as STG Financial Services and Totus Wealth Matters, were also declared as failed.
We are reaching out to consumers to let them know that compensation may be available if they have suffered losses due to a failed firm"
In the north east, Humberside-based Asset Independent Financial Advisors, formerly Asset Independent Mortgages as well as WJR Wealth Management, formerly Walker Johnston Robinson in Sunderland, were also declared in default.
In February, Professional Adviser reported that the FSCS had received 150 complaints against Asset IFA, after it began being wound up in November last year. A note on the Financial Conduct Authority's (FCA) website showed that the firm was ordered to immediately cease all regulated investment activities for customers recommended by unauthorised introducers in April 2017.
Elsewhere, the FSCS named Serenus Consulting in Cheshire as failed and Lancashire-based GPC SIPP - formerly Guardian Pension Consultants - in default too.
The self-invested personal pension (SIPP) provider had received 799 complaints against it and entered insolvency in June last year, after receiving a raft of complaints in relation to investments in the Harlequin property scheme.
A declaration of default means the FSCS is satisfied a firm is unable to pay claims for compensation made against it. Clients of that firm are then able to make a claim for compensation to the FSCS.
Since its inception in 2001, the FSCS has paid out more than £26bn in compensation to some 4.5 million people.
FSCS acting chief financial officer Fiona Kidy said: "We are reaching out to consumers to let them know that compensation may be available if they have suffered losses due to a failed firm.
"We are a free and independent service and customers can claim direct with FSCS with confidence in our efficient process."
This article was first published by Professional Adviser