The Financial Services Compensation Scheme (FSCS) has declared four advice firms in default, meaning clients of those entities can now approach the FSCS for compensation.
The four firms have been declared in default as the FSCS believes those businesses cannot pay the claims for compensation made against them.
Before it can declare a firm in default, the FSCS must have received at least one eligible claim from a client of the firm and be satisfied that the firm in question is unable to pay the claim.
Declaring a firm to be in default allows others to come forward and make a claim.
The firms involved are: Northamptonshire-based Phil Ogden Financial Planning, Cumbria-based GGC Independent Financial Advice, Scottish firm Premier Wealth Managers Limited, and Exeter-based Wealth Rapport Limited formerly Moores Waren Limited.
Alex Kuczynski, chief corporate affairs officer at FSCS, said: "FSCS steps in to protect consumers around the UK when authorised financial services firms go bust.
"This vital service, which is free to consumers, protects deposits, insurance, investments, home finance and debt management.
"We want anyone who believes they may be owed money as a result of their dealings with any of these firms to get in touch as we may be able to help you."
david.thorpe@ft.com
