FSCS declares three insurance firms in default

Three insurance firms have been included on an FSCS list of companies declared in default between 1 February and 30 April this year.

Hampshire-based Choices Insurance Limited, Essex-based British Insurance Limited, and Greg Smith Financial & Insurance Services, based in Lancashire, all featured on a list of 21 failed firms.

Firms feature on the list if the FSCS is satisfied they do not have sufficient assets to meet the cost of claims.

In a statement, the FSCS said consumers could get money back they had lost as a result of their dealings with any of the firms.

A firm must be declared in default by the FSCS before it can pay compensation to eligible claimants.

Alex Kuczynski, chief corporate affairs officer at 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, insurance, investments, home finance and debt management.

“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.”