Four financial advice firms were declared in default by the Financial Services Compensation Scheme (FSCS) in the month of May.
Two firms in the North West were declared in default - Liverpool-based The O'Rourke Partnership Ltd and Cumbria-based GGC Independent Financial Advice LLP - as well as Glasgow-based Premier Wealth Managers Ltd and Northants-based Phil Ogden Financial Planning.
If they have lost money as a result of their dealings with the businesses, clients of the firms can now attempt to get their money back through the lifeboat fund. Four other firms outside the realm of financial advice, which were covered by the FSCS, also went into default in May.
FSCS chief corporate affairs officer Alex Kiczynski 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."
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