The Financial Services Compensation Scheme (FSCS) has encouraged consumers who have lost money as a result of dealings with any one of 16 firms recently declared in default by the scheme to get in touch.
FSCS chief executive Suzanne McCarthy said: “It is important for consumers to be aware that a safety net exists. If they have lost money we may be able to help.”
The declaration of default is the final part of a process whereby a regulated firm (for example, an independent financial adviser) is deemed unable to pay claims for compensation against it.
This is usually because it has insufficient assets, for example, because it has ceased trading or is insolvent, said the FSCS.
The limit for a compensation claim from the scheme is £48,000.
The FSCS said any consumers who believe they may have valid claims should contact the scheme on 020 7892 7300.
