The Financial Services Compensation Scheme (FSCS) has named 12 firms to be in default and out of business, including one mortgage adviser.

Midland Independent Financial services, formerly The Mortgage Shop, has been listed amongst the 12 firms the FSCS believes are unable to meet any claims themselves.

Customers who are owed money by them may be able to make a claim to recover it. If a regulated financial firm is no longer trading and can’t pay a customer’s claim, FSCS can step in to pay compensation.

The remaining 11 firms now closed are All Flintshire Credit Union Ltd, Argent Wealth Limited, Channel One Financial Planning LLP, Financial Planning Solutions (UK) Limited, Foresight Financial Services Limited, FT Stockbrokers Limited, Hamilton Rose Wealth Management Limited, PWH Financial Planning Ltd, PWM Advisers Limited, South Coast Trade Centre Limited and The Energy Advisory Centre.

FSCS chief customer officer Sarah Marin says: “FSCS’s protection increases consumer confidence when buying financial products and services, and our compensation helps put customers back on track if firms should fail. We encourage customers to claim directly with FSCS via our website, which provides the easy-to-use service they expect. Help is on hand throughout the process, with claims experts available through web chat or over the phone.”