FSCS declares 15 firms in default

Jake Carter

March 27, 2020

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The Financial Services Compensation Scheme (FSCS) has declared 15 failed regulated firms in default during February 2020.

According to the regulator, the firms were based in areas such as Greater London, East Midlands, and the North West.

Notable firms were Prime Mortgage Brokers Limited, Imperious Capital LLP, Totus Capital, WJR Wealth Management Limited, and Release Money Limited.

The FSCS have announced these declarations to inform consumers that they can receive compensation, if they have lost money due to a result of their dealings with any of the firms declared in default.

Since the scheme began in 2001, FSCS has helped more than 4.5 million people, paying out more than £26bn in compensation.

Fiona Kidy, acting chief financial officer at FSCS, said: “We are reaching out to consumers to let them know that compensation may be available if they have suffered losses due to a failed firm.

“We are a free and independent service and customers can claim direct with FSCS with confidence in our efficient process.

“FSCS is here to protect consumers and contribute to financial stability.

“We help customers throughout the UK and are proud of the empathetic service we deliver.”

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