17 UK firms failed between February and March 2023

This includes financial advice and wealth management businesses

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The Financial Services Compensation Scheme (FSCS) has confirmed that 17 firms were declared in default between February and March 2023.

This means they have gone out of business and FSCS believes they are unable to meet any claims themselves. If a regulated financial firm is no longer trading and can’t pay a customer’s claim, FSCS can step in to pay compensation.

Lila Pleban, FSCS’s chief communications officer, said: “We know it’s stressful when a financial firm stops trading but owes you money. That’s why we have specially trained claims handlers here to help you through the process. We’ll also keep you up to date with our progress every step of the way. In the last 12 months, we’ve helped almost 68,000 people receive the compensation they’re due.”

The failed firms include:

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