ifa, bad advice, sipp, investments

FSCS declares 8 firms in default

The firms were declared in default during June.

The FSCS is the UK’s statutory compensation scheme that protects customers of regulated financial services firms. Since it began in 2001, it has helped more than 4.5m people, paying out more than £26bn in compensation.

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 to the FSCS.

Alex Kuczynski, chief corporate affairs officer at the FSCS, 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.”


Click here to read more.