The UK's Financial Services Compensation Scheme (FSCS) has recently declared 31 firms to be in default, opening the way for consumers to claim compensation of up to GBP48,000 if they have lost money as a result of their dealings with the businesses in question.
The FSCS is the UK's statutory fund of last resort for customers of regulated financial services firms, which means that FSCS can pay compensation if a firm is unable, or likely to be unable, to pay claims against it.
The FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA).
Declaring a firm in default is the final part of a process whereby a regulated firm (such as a financial adviser) has been found by FSCS to be unable to pay claims.
"The Scheme plays a vital role in reassuring consumers that if a financial services firm fails there is somewhere they can go for help," explained Loretta Minghella, the Scheme's Chief Executive.
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