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The Financial Services Compensation Scheme (FSCS) has revealed consumers could claim up to £50,000 if money has been lost as a result of any recently declared in default investment firms.
An investment company regulated by the Financial Services Authority is declared default when the FSCS has found it to be unable to pay, or likely to be unable to cover, any claims made against it.
The body, therefore, may pay up to £50,000 per person per firm declared default on or after January 1st 2010 for claims made.
Alex Kuczynski, interim chief executive at the FSCS, said: "The FSCS's existence as a fund of last resort for consumers helps to maintain confidence in the sector by providing assistance to individuals who have suffered a financial loss who otherwise would have nowhere to turn."
The FSCS is independent under the Financial Services and Markets Act 2000.
Posted by Clive Arneil
