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12 August 2019 | Comment | Article by Neil Stockdale

The Financial Service Compensation Scheme explained

During June 2019, the Financial Services Compensation Scheme (‘FSCS’) declared a total of 11 firms in default.

The FSCS is a compensation fund that can pay compensation to customers of authorised financial services firms that are unable or unlikely to be able to pay claims against it. Since 2011, the FSCS has paid out in excess of £60 million to customers of failed financial services firms.

Where firms have failed after 1 April 2019, the FSCS is now able to compensate individuals up to £85,000.

As of June 2019, the FSCS are now accepting claims against the following firms:

  • John B Carr Financial Services
  • Barchester Green
  • Kevin Neal Associates Wealth Management
  • DFD Mortgages
  • The Wealth Partnership
  • Bradford Peters Financial Services
  • KWS Wealth Management
  • Castle Asset Management, formerly Lighthouse
  • Hayden Williams Independent Financial Services, formerly Assura Protect

Our experienced Financial Mis-selling team has a successful track record of securing compensation for clients where they have mis-sold a financial product.

If you have had dealings with one of the above companies and believe you have been mis-sold a product or received negligent advice, we may be able to assist you in bringing a claim for compensation. Contact us today for a free, no obligation consultation.

Author bio

Neil is head of the firm’s group actions and financial mis-selling teams, specialising in handling claims for financial mis-selling relating to energy contracts, pensions, investments and timeshares.

Disclaimer: The information on the Hugh James website is for general information only and reflects the position at the date of publication. It does not constitute legal advice and should not be treated as such. If you would like to ensure the commentary reflects current legislation, case law or best practice, please contact the blog author.

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