The Financial Services Compensation Scheme (FSCS) has today announced that it has declared 13 advisory firms “in default” and wants clients to know that they are open to take on claims from people who have lost out financially through poor advice.
Details of the firms in default (basically this means they have closed and are no longer able to pay any compensation themselves to claimants) are available from the FSCS website.
We believe that the FSCS is an important part of the consumer protection that is available to the UK consumer of financial services.
The scheme is paid for by levies on firms who have not become in default of the FSCS.
In other words it continues to be the case that “it is not the polluter who pays”.
At least one of the firms in default has claims against it amounting to some £500,000 because it sold Unregulated Collective Investment Schemes (UCIS) to people for whom such investments were inappropriate.
We as ever have our company bank account available to be raided to pay for this poor advice by others!!
Photo credit
