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FSCS announces consumer compensation plan

The Financial Services Consumer Panel (FSCS) has drawn attention to customers' reimbursement rights, following the collapse of several firms recently.

According to the group, consumers will be able to claim compensation of up to £48,000 if they have lost money in one of 35 firms that have defaulted on their debts in the past few months.

The firms covered include a variety of financial and pensions advisers, along with several insurance brokers - all of which held funds from customers when they collapsed.

Commenting, director of claims at FSCS Jonathan Clark said: "[We aim] to provide an effective and efficient compensation service for consumers, and helps maintain confidence in the financial services sector.

"It is important that we let consumers of the 35 firms know that [we] may be able to help if they have lost money and the firm can't pay."

A full list of the 35 firms in question can be found on the FSCS' website, fscs.org.uk.

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