FSCS declares 35 regulated firms in default

Jessica Nangle

November 21, 2019

The Financial Services Compensation Scheme (FSCS) declared 35 failed regulated firms in default between 1 August and 31 October 2019.

The two mortgage firms included on the list are First Rate Home Finance Limited (formerly S&P Finance Limited) based in Hinckley, Leicestershire, LE10 1AW and Property Finance Solutions (UK) Limited, based in Haywards Heath, West Sussex, RH17 7RA.

Caroline Rainbird, chief executive at FSCS, said: “FSCS’s role is to help people who have lost money as a result of doing business with an authorised firm if that firm is unable to meet claims made against it.

“The existence of FSCS helps to instil confidence in the financial services sector by ensuring customers can get the compensation they are entitled to when a firm fails.

“This vital service, which is free to consumers, protects deposits, insurance, investments, home finance and debt management.”

A declaration of default means FSCS is satisfied a firm is unable to pay claims for compensation made against it.

Since it began in 2001, FSCS has helped more than 4.5 million people and paid out more than £26bn in compensation.

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