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FSCS places 62 firms in default over failed compensation payouts

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  • 19/05/2015
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FSCS places 62 firms in default over failed compensation payouts
The Financial Services Compensation (FSCS) scheme has placed 62 firms in default after they failed to be able to pay out claims for compensation made against them by consumers.

Among the failed firms are several mortgage consultancy firms, general insurance brokerages, life and pensions advice companies and wealth management firms, across the UK.

Mark Oakes, head of communications for FSCS, said the scheme had already begun making compensation payments to consumers who had dealt with these firms.

The FSCS protects consumers in the UK when authorised financial services firms cease trading.

Since its inception, FSCS has helped more than 4.5m people, paying out more than £26bn in compensation.

“Our message to anyone who believes that they may be owed money as a result of their dealings with any of these firms is please get in touch, as we may be able to help you,” said Oakes.

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