Hope For Consumers After 35 Firms Declared In Default

Law360, London (November 21, 2019, 3:14 PM GMT) -- Consumers who believe they have lost money in failed businesses could get a chance to recoup their losses after Britain's Financial Services Compensation Scheme declared 35 insurers, brokers and other companies in default in the last three months.

The country's deposit insurance program published on Thursday its latest list of regulated companies that defaulted in the three months from August to October, including two insurers, mortgage brokers and financial advisers. A declaration of default means the program is satisfied that a company cannot pay claims for compensation made against it.

"FSCS' role is to help people who have lost money as a result...

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