Scottish Financial Planning partnership Advice & Wealth Management Solutions LLP has been declared in default by the Financial Services Compensation Scheme (FSCS).

Elizabeth Passey, currently a senior adviser at investment house J Stern and Company, has been appointed chair of the Financial Services Compensation Scheme’s board from today.

The Financial Services Compensation Scheme, the consumer financial safety net service, has declared a wealth manager as failed, opening the door to clients to claim compensation.

The Financial Services Compensation Scheme has declared two pension adviser firms as failed.

A wealth manager and Financial Planner firm, Facet Investment Management Limited, has gone into administration.

The Financial Services Compensation Scheme has declared BSPS-linked adviser firm Mark Peter Houlbrook (FRN: 498168) in default over pension transfer advice, opening the door to compensation for ex-clients with valid claims.

The Financial Services Compensation Scheme (FSCS), the safety net scheme for consumers, paid out £423m in compensation to customers during its 2023/24 year, £20m higher than the previous year.