Consumers may be entitled to compensation if they have lost money as a result of their dealings with the failed insurance brokers.
For claims relating to insurance advice or arranging, the FSCS can pay 90% of the value of a claim with no upper limit per person per firm declared in default on or after 1 January 2010.
Before the FSCS can pay compensation it must be satisfied that a firm does not have sufficient assets to meet claims.
The FSCS will declare a firm in default if it has received at least one claim and it is satisfied that the firm is unable (or likely to be unable) to pay claims against it.
The defaulted firms are:
Winsover Howden (Insurance Brokers) Limited
Castle Personal Insurance Brokers Limited,
Global Home Protection Limited (formerly trading as Weatherex Limited and Pearl XPS Limited)
Investbuild Limited
JSM (Bexhill) Limited (formerly Russell’s Garage (Bexhill)
Mercantile Financial Consultants Limited
Waters Retail Limited
Camden Retail Limited
Grosvenor Mortgage and Finance
Sanderson, Law & Company (Life & Pensions) Limited
Your Car Credit Limited
Equity Mortgage Finance Limited
C Jones-Evans & Son
Mark Oakes, head of communications at the FSCS, said: “The FSCS is here to help consumers when authorised firms go bust.
“We have already started paying compensation in respect of these firms. However, anyone else who believes they may be owed money as a result of their dealings with one of these firms should contact our Initial Contact Team if they have not yet applied for compensation.”
