The Financial Services Compensation Scheme, the consumer protection body, has declared eight firms in default, opening the door to consumers getting back money they have lost as a result of dealings with the failed firms.

FSCS has declared eight advisory firms in default and consumers who have had dealings with them could get money back.

The Financial Services Compensation Scheme has listed 11 failed advice firms it declared in default in March in a move which will mean some British Steel Pension Transfer clients being compensated.

Two wealth and advice firms have been declared in default among 22 other firms of varying type across the financial services sector.