The Financial Services Compensation Scheme (FSCS), the industry-funded consumer compensation body, declared five regulated firms in default in June and July, it reported today.

The firm have gone out of business and are unable to meet any claims themselves, the FSCS said.

The latest list includes several firms of financial advisers, including Christopher Barker t/a Apollo Pension & Investment Advisers, Facet Investment Management Ltd and Corporate & Professional Pensions Ltd.

The FSCS said compensation for clients of Facet Investment Management has so far cost £210,000 while Christopher Barker t/a Apollo Pension & Investment Advisers has cost between £50,000 and £100,000.

The biggest failure in the past financial year was Raedex Consortium Limited which failed in April and has so far cost £1.6m.

Ex-clients of the firms may be in line for a pay out of upto £85,000 each if they have a successful claim against the firms.

Customers who may be owed money by these firms can find out how to make a claim by visiting the FSCS website at www.fscs.org.uk/making-a-claim/. 

Defaults declared by the FSCS 1 June to 31 July (5 firms): 

Source: FSCS

Of the 17 firms the FSCS has declared in default this financial year, the top eight in terms of compensation paid out by FSCS (at the end of July) are listed in the table below.

Top 8 firms based on FSCS total compensation paid out (by end July) 

The Financial Services Compensation Scheme (FSCS) is a statutory compensation body that protects customers of authorised financial services firms if they fail or have stopped trading. The FSCS’s service is funded by a levy on regulated firms but is free to use for consumers.