The Financial Services Compensation Scheme (FSCS) has declared a mortgage adviser to be in default and has begun paying claims against it.
The FSCS decided that Kent-based Gordon Benville, trading as Kingsfield, was likely to be unable to meet any claims made against him and will now pay compensation to consumers.
It can declare a firm to be in default provided it receives at least one complaint about the firm, and is satisfied the firm is unable to pay compensation to customers.
The FSCS has begun sending letters to customers who may be affected, enabling them to claim compensation from the scheme.
However, some affected customers may not have received an application form and should contact the FSCS if they believe they have a claim.
Jonathan Clark, director of claims at the FSCS, says: “FSCS's role is to help people who have lost money after doing business with an authorised firm if that firm is unable or likely to be unable to meet claims made against it. We have started paying claims against the firm and are here to help those who think they may have a claim.”
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