THE Financial Services Compensation Scheme (FSCS) is encouraging consumers who have lost money through dealings with firms declared "in default" to claim compensation.
Declaring a firm in default opens the way for anyone who has lost money as a result of dealings with such a firm to make a claim for compensation to FSCS.
One of the 10 firms recently declared in default by FSCS was Rall Asset Management, of Hallow, Worcester.
The declaration of default is the final part of a process whereby a regulated firm (for example, an independent financial adviser) is deemed unable to pay claims for compensation against it," said a FSCS spokesman.
"This is usually because it has insufficient assets, for example, because it has ceased trading or is insolvent."
The limit for investment compensation is £48,000.
The FSCS is the one-stop compensation scheme covering investments, deposits and insurance. It provides a safety net for consumers who have claims against regulated firms that are unable to pay them.
Consumers who believe they may have a claim should phone the FSCS on 020 7892 7300.
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