Former Milton Keynes financial adviser firm Mike Norris Financial Services (FRN 542126) has been declared as failed by the Financial Services Compensation Scheme.

Customers of collapsed Newcastle-based wealth manager WealthTek are likely to have any losses refunded by the Financial Services Compensation Scheme up to the scheme’s £85,000 limit per person.

The FSCS has declared three financial adviser firms as failed, opening the door to compensation claims from ex-clients.

The Financial Services Compensation Scheme has opened an investigation into Surrey adviser firm Independently East Ltd (FRN488046) after the firm entered compulsory liquidation earlier this week.