UK compensation scheme declares 11 firms in default

The Financial Services Compensation Scheme (FSCS) declared 11 firms in default during March 2018, meaning that consumers could get back money they have lost.

UK compensation scheme declares 11 firms in default

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The FSCS is the UK’s statutory compensation scheme that protects customers of regulated financial services firms.

A declaration of default means the 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.

Alex Kuczynski, director of corporate affairs, said: “FSCS steps in to protect consumers around the UK when authorised financial services firms go bust. This vital service, which is free to consumers, protects your deposits, investments, home finance and insurance.

“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 we may be able to help you.”

Since it began in 2001, FSCS has helped more than 4.5 million people, paying out more than £26bn ($37bn, €30bn) in compensation.

In February, the UK lifeboat scheme declared 24 firms in default, including three IFA firms.

Default firms

Greater London

Beaufort Asset Clearing Services Limited

Beaufort Securities Limited

Mortgage Partner Services Limited t/a Blevins Franks Mortgage Services (formerly t/a Blackstone Franks Mortgage Services Limited)

South East

Ebullio Capital Management LLP

West Midlands

Active Wealth (UK) Limited

North West

Total Financial Control Limited

Yorkshire and the Humber

Alan Driver Financial Services

Approved Financial Solutions Limited

East Midlands

R Kalisiak, C Wells & S Kalisiak t/a Goldsmith Insurance

East

Regent Wealth Limited

Northern Ireland

C3 Financial Services Limited (formerly t/a Foyle & Lagan Limited)

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