FSCS lists mortgage advisers among companies in default

The Financial Services Compensation Scheme (FSCS) has named 12 defaulting and bankrupt businesses, including a mortgage adviser.

Midland Independent Financial Services, formerly The Mortgage Shop, has been listed as one of 12 companies te FSCS believes that they are unable to respond to complaints themselves.

Customers who they owe money to may be able to make a claim to get it back. If a regulated financial firm is no longer in business and cannot pay a customer’s claim, the FSCS may step in to pay compensation.

The other 11 businesses now closed are All Flintshire Credit Union Ltd, Money Wealth Limited, Channel One Financial Planning LLP, Financial Planning Solutions (UK) Limited, Foresight Financial Services Limited, FT Stockbrokers Limited, Hamilton Rose Wealth Management Limited, PWH Financial Planning Ltd, PWM Advisors Limited, South Coast Trade Center Limited and The Energy Advice Center.

Sarah Marin, FSCS Chief Customer Officer, says, “FSCS protection builds consumer confidence when purchasing financial products and services, and our compensation helps put customers back on track should businesses bankruptcy. We encourage customers to claim directly with FSCS through our website, which provides the easy-to-use service they expect. Help is available throughout the process, with adjusters available via web chat or phone.

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