The financial claims lifeboat has now urged clients of the two firms to check if they are due compensation.

The Financial Services Compensation Scheme has declared Juno Moneta Capital Management Ltd and Westbury Private Clients LLP in default last week. The scheme will now look to compensate their clients if any mis-selling has occurred, and can compensate up to £85k per claim.

Juno Moneta Capital Management Limited had received two pension transfer claims against it. It was formerly known as Corcillum Limited and traded as Morgan Peterson and BL Financial.

Westbury Private Clients LLP was a wealth management firm, and operated as a discretionary fund manager for the Westbury SIPP. The FSCS stated that it had also received various claims from clients after complaints that they had not carried out enough due diligence when transferring and investing into the Westbury SIPP.

The FSCS said it has received 16 claims against the financial firm so far, 10 of which are in relation to SIPPs.

A declaration of default means FSCS is satisfied a firm is unable to pay claims for compensation made against it. This paves the way for customers of that firm to make a claim for compensation.

Who are the FSCS?

The Financial Services Compensation Scheme (FSCS) is the UK's statutory deposit insurance and investors compensation scheme for customers of FCA authorised financial service firms. The FSCS will compensation consumers if a FCA regulated firm is unable to.

The FSCS enforces a levy on all FCA regulated firms which is paid into an annual compensation pot. The levy for 2021/22 is £833m. It has often been described as a “lifeboat fund” for consumers who deserve compensation after a mis-selling or negligent financial advice.

It is independent of the Government and the financial industry, and was set up under the Financial Services and Markets Act 2000, becoming operational on 1 December 2001. They do not charge individual consumers for using their service.

What to do if you’ve received advice from a failed firm

If you have received pension or SIPP advice from one of the failed firms, our expert panel of mis-sold SIPP solicitors can help. Our panel can liaise with the FSCS on your behalf and ensure you get the compensation you deserve if you have been misled and mis-sold.

ClaimExperts.co.uk have an expert panel of mis-sold SIPP solicitors who can help you:

• File a SIPP complaint with your financial advisor and/or SIPP provider
• Liaise with the FSCS and the FOS to go through your claim
• Meticulously go through all of the paperwork to see if a mis-selling has occurred
• Have all correspondence and communication with your SIPP advisor or provider, and liaise with them on your behalf
• Get you your deserved compensation paid to you, as soon as possible

If your financial advisor or SIPP provider is no longer trading, our panel can help you claim via the Financial Services Compensation Scheme (FSCS).