Are you entitled to compensation?

Consumers in Devon could be entitled to compensation if they have lost money as a result of their dealings with any one of several failed financial firms that Financial Services Compensation Scheme (FSCS) has declared in default.

FSCS is the UK’s statutory compensation scheme for customers of regulated financial services firms. A declaration of default means FSCS is satisfied the firm is unable to pay claims for compensation made against it. FSCS does not charge individual consumers for using its service.

The Scheme has already started paying compensation in respect of the defaulted firms.

Mark Oakes, Head of Communications for FSCS says “FSCS protects consumers when authorised financial services firms go bust and covers the full range of financial services. If anyone believes that they have lost money as a result of their dealings with any of the defaulted firms, please get in touch with FSCS, as we may be able to help you.”

Since April 2013, FSCS has come to the aid of consumers paying out over £65m in compensation. 

FSCS was set up by Government in 2001. The scheme is funded by the financial services industry and has helped more than 4.5m people, paying out more than £26bn in compensation.

FSCS protects insurance, investments, deposits and mortgage advice and arranging.

The FSCS Initial Contact Team can be contacted on 0800 678 1100 or 020 7741 4100 or by email at enquiries@fscs.org.uk. Further information about FSCS is available on its website at www.fscs.org.uk.