Article preview: A new list of firms declared in default by the Financial Services Compensation Scheme (FSCS) acts as a reminder of this important protection for consumers. Five firms were declared in default by the FSCS last month, which opens up the possibility of consumers getting back any money they have lost when dealing with these firms. FSCS is the UK’s statutory compensation scheme that protects customers of regulated financial services firms. It’s funded by regulated firms. A declaration of default means 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.
Latest firms in default serve as compensation reminder
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This 515 word blog post serves as a useful reminder of Financial Services Compensation Scheme (FSCS) protection limits for different product types and the value of this regulatory protection. Includes a comment from Alex Kuczynski, Chief Corporate Affairs Officer at FSCS. Written on 26th October 2018.
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