FSCS invites Network Data clients to file for compensation

Laura Miller
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Former clients of defunct adviser firm Network Data have been invited to file for compensation after the FSCS today declared the network in default.

Network Data Ltd, part of Network Data Holdings, went into administration in May 2009 allegedly owing appointed representatives (ARs) more than £2m. It followed the removal of the company's permissions by the FSA the previous month, a move which left its ARs unable to trade. It is one of five businesses offering mortgage advice today declared in default by the FSCS. The compensation scheme only declares a company in default once it has begun receiving compensation claims from its customers. Financial Quest UK, Finance Direct UK, First Class Mortgages and Insurance Services -...

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