The last resort for consumers

CONSUMERS in the East of England could claim up to £48,000 in compensation if they have lost money as a result of their dealings with any one of five firms in St Neots, Hertford, Hitchin, Hereford and Bushey Heath that have been declared in default by th

CONSUMERS in the East of England could claim up to £48,000 in compensation if they have lost money as a result of their dealings with any one of five firms in St Neots, Hertford, Hitchin, Hereford and Bushey Heath that have been declared in default by the Financial Services Compensation Scheme.

FSCS is the UK's statutory fund of last resort for customers of regulated financial services firms. The service is free to consumers. They include Trillium Limited of New Street, St Neots,

Declaring a firm in default is the final part of a process whereby a regulated firm has been found by FSCS to be unable to pay claims. This means customers who have lost money as a result of dealings with one of these firms can make a claim for compensation to FSCS.

"This is good news for consumers who have nowhere else to turn if the firm they dealt with can't help," says Loretta Minghella, chief executive. "The existence of a fund of last resort for consumers helps to maintain confidence in the sector and encourages people to do business with authorised financial services firms."

The kinds of investment claims FSCS handles usually relate to advice - if somebody has been advised to buy an investment product, but it was unsuitable for them and they have lost money as a result of the advice.

FSCS can also pay compensation for financial loss arising from negligent investment management.

INFORMATION: Consumers who believe they may have a claim should contact the scheme on 020 789 27300. See www.fscs.org.uk