A BOLTON investment firm is one of 13 declared to be in default by the Investors Compensation Scheme Ltd.

Fraser Financial Advisors Ltd of Fraser House, Bury New Road, Breightmet and W JJ Ltd in Windsor Road, Formby, Merseyside are the only two from the North-west.

They have ceased trading. The ICS is a subsidiary of the new Financial Services Compensation Scheme Ltd, an organisation which has taken on operational responsibility for compensation in respect of investment business.

The FSCS says declaring firms in default opens the way for anyone who has lost money as a result of dealings with these firms to make a claim for compensation.

Once a consumer makes a claim for compensation, a detailed investigation is carried out to establish that the claim is valid and the firm is unable to pay compensation to the claimant.

The limit for investment compensation is currently £48,000.

Suzanne McCarthy, Chief Executive, said: "The FSCS aims to be the one stop shop for consumers whose advisers have no means to meet compensation claims.

"But it is vitally important that consumers know that our scheme exists and get in touch with us if they think they have a claim."

For claims to be eligible dealings with the investment firm must have taken place after the Scheme started on August 28, 1988, relate to an investment such as a personal pension or endowment police and have caused an investor to lose money.

Clients who have dealings with firms declared to be in default and believe they may have lost money can contact a helpline -- 020 7367 6000 -- or write to the FSCS at Cottons Centre, Cottons Lane, London SE1 2QB.