The Financial Services Compensation Scheme (FSCS) has confirmed that five financial services firms were declared in default in June and July 2025.

This included Sussex-based wealth management and independent financial planning firm Facet Investment Management, which went into administration last year.

The discretionary fund manager was placed into administration by its director on 23 August 2024, with Ian Lawrence Goodhew and Abigail Shearing from Voscap Ltd being appointed as the joint administrators.

It was declared in default by the FSCS on 15 July 2025, with £210,000 having been paid out as compensation so far, as at 31 July.

Northumberland-based PCM Asset Management was also declared in default by the FSCS, as was Kent-based financial advice firm Christopher Barker, trading as Apollo Pension & Investment Advisers.

Between £50,000 and £100,000 has been paid out as compensation to those affected by Christopher Barker going out of business so far, as at 31 July.

The other two firms now in default were Forthplus Pensions and Corporate & Professional Pensions.

Forthplus being declared in default has resulted in a total compensation payout of between £50,000 and £100,000 so far, as at 31 July.

The FSCS has declared 17 firms in default so far this financial year.

"No matter what your personal situation is, we know that losing your money when a financial firm fails can be incredibly stressful," said FSCS head of customer support, Andrew Bower.

"That’s why we aim to make it as quick and easy as possible for customers to make a claim via our online claims service. Our customer support team is also readily available to help at every stage of the process."

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