Consumers can claim up to £48,000 if they have lost money dealing with any of the 45 firms recently declared in default by the Financial Services Compensation Scheme (FSCS).
The FSCS can declare a FSA regulated firm (or adviser) in default if they are found to be incapable or unlikely to be able to pay claims against it.
It says the type of claims they cover could include being advised to purchase an unsuitable investment product as well as compensation from negligent investment management and fraud or if a firm stops trading and cannot return its customer investments or money.
"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," FSCS chief executive Loretta Minghella says.
“It is important that customers of any of the 45 firms we have recently declared in default are aware that FSCS may be able to help, if they have suffered a financial loss.”
A list of the 45 investment firms the FSCS has recently declared in default can be found at the bottom of the linked document.
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