FSCS declares 13 insurance brokers in default

Consumers may be entitled to compensation if they have lost money as a result of their dealings with the failed insurance brokers. For claims relating to insurance advice or arranging, the FSCS can pay 90% of the value of a claim with no upper limit per person per firm declared in default on or after 1 January 2010. Before the FSCS can pay compensation it must be satisfied that a firm does not have sufficient assets to meet claims. The FSCS will declare a firm in default if it has received at least one claim and it is satisfied that the firm is unable (or likely to be unable) to pa...