FSCS seeks Square Mile and PCS 'victims'

It says consumers affected by the defaults last year can claims as much as £48,000 each. The failure of SMS will cost firms in the D2 sub-class, which includes investment advisers and stockbrokers, around £15m, while PCS's compensation bill is likely to hit £40m. Both stockbroking giants were among a total of 28 firms today declared 'in default' by the FSCS. Declaring a firm in default is the final stage of the FSCS process before compensation is paid to investors, with a maximum claim of up to £48,000. "The FSCS aims to provide an effective and efficient compensation service for cons...