FSCS offers £48,000 lifeline after 45 firms default

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 Lor...