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Consumers can cash in on compensation, says FSCS

The Financial Services Compensation Scheme says consumers can claim up to 48,000 if they lost money through any of the 22 firms it recently declared in default.

Declaring a firm in default is the final part of a process whereby a regulated firm such as a financial adviser has been found by FSCS to be unable to pay claims.

This means that customers who have lost money as a result of dealings with one of these firms can make a claim for compensation to FSCS.

Loretta Minghella, chief executive of FSCS, says: “FSCS’s primary role is to help people who have lost money after doing business with an authorised firm if that firm is unable to meet claims made against.

“It is important that we let consumers know that FSCS may be able to help if they have nowhere else to turn.

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