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FSCS declares four mortgage firms in default

The Financial Services Compensation Scheme has named four mortgage and financial firms as becoming insolvent in December.

Seren Independent Advisers Limited, based in Oxfordshire, Well Alley Limited in West Sussex and Gann Management Limited in Manchester all failed at the end last year.

The FSCS also reports that HBFS Financial Services Limited in Hertfordshire is now in default. In July last year, City of London police arrested former managing director Freddy David for running a £14.5m ponzi scheme.

David has been sentenced to six years in prison and disqualified from being a director of a company for 10 years.

The FSCS advises that consumers could be in line for compensation, and that if they have lost any money as a result of their dealings with the failed financial firms mentioned above, they should get in contact.

FSCS chief corporate affairs officer Alex Kuczynski says: “FSCS steps in to protect consumers around the UK when authorised financial services firms go bust. This vital service, which is free to consumers, protects your deposits, investments, home finance and insurance.

“We want anyone who believes they may be owed money as a result of their dealings with any of these firms to get in touch as we may be able to help you.”

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