Consumers could receive compensation as FSCS declares 11 firms in default

Consumers could be in line to receive money they had lost as a result of their dealings with any of the 11 failed regulated firms declared in default in June 2019 by the Financial Services Compensation Scheme (FSCS).

Those firms declared in default in June were; John B Carr Financial Services and The Carnation limited, based in the East Midlands; Greater London firms Barchester Green Limited and Kevin Neal Associates Wealth Management LLP; DFD Mortgages Limited from the North West; Scottish firm The Wealth Partnership Limited; Bradford Peters Financial Services Limited and KWS Wealth Management Limited, headquartered in the South East; Castle Asset Management hailing from the South West; K.G.J Garages Limited in the West Midlands; and Welsh firm Hayden Williams Independent Financial Services Limited, formerly Assura Protect.

The FSCS is the UK's statutory compensation scheme that protects consumers from authorised financial services firms that carry out certain regulated activities.

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 with the authority.

Commenting, FSCS chief corporate affairs officer Alex Kuczynski 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 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.”

Since its establishment in 2001, the scheme has helped more than 4.5 million people, paying out more than £26bn in compensation.

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