The Financial Services Compensation Scheme (FSCS) could help consumers that have lost money as a result of their dealings with any of the 14 failed financial firms around the UK that FSCS has recently declared in default.
FSCS is the UK’s statutory compensation scheme for customers of regulated financial services firms. A declaration of default means FSCS is satisfied a firm is unable to pay claims for compensation made against it, and opens the way for customers of that firm to make a claim.
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The Scheme has started paying compensation in respect of the defaulted firms. Mark Oakes, Head of Communications for FSCS says "FSCS protects consumers around the UK when authorised financial services firms go bust. It protects your deposits, investments, home finance and insurance, and it’s free for individual consumers to use."
"Our message to anyone who believes that they may be owed money as a result of their dealings with any of these firms is please get in touch, as we may be able to help you."
Since inception FSCS has come to the aid more than 4.5m people, paying out more than £26bn in compensation.
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By GlobalData
