Nine of the 11 firms declared in default by the Financial Services Compensation Scheme this month are wealth management or advice firms, latest figures show.
The FSCS putting a firm into default means the lifeboat fund can officially begin looking at compensation claims against the firms.
John B Carr Financial Services in Lincolnshire has been declared in default, along with London firms Barchester Green Limited and Kevin Neal Associated Wealth Management.
Also in default are Manchester-based mortgage advice provider DFD Mortgages Limited, KWS Wealth Management in Milton Keynes, and Bradford Peters Financial Services in Crawley.
In Scotland, Glaswegian firm The Wealth Partnership was placed in default, while in Wales, Carmarthenshire-based Hayden Williams Independent Financial Services Limited is also in default.
Castle Asset Management in Dorset – formerly known as Lighthouse South West – rounded out the list.
FSCS chief corporate affairs Alex Kuczynski says: “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 the FSCS may be able to help you.”