Can I submit my claim to the FSCS myself ?

submit a claim to the FSCS or use Money and Me Solicitors

What is the Financial Services Compensation Scheme?

The Financial Conduct Authority (FCA), which authorises and regulates financial firms, set up the Financial Services Compensation Scheme (FSCS) to help victims of failed, authorised firms receive compensation where it was due.

If a regulated Independent Financial Advisor (IFA) or other investment provider goes bust and is therefore unable to pay any claims made against it, the FSCS can pay up to £85,000 in compensation.

So, can I make a claim for compensation to the FSCS myself?

In short, yes you can. The criteria for making a claim for compensation to the FSCS is broadly:

  • At the time of the investment, the firm or IFA must have been regulated by the FCA.
  • The firm has gone out of business and therefore cannot pay any claims made against it.
  • You received unsuitable advice from the regulated firm or IFA that led to a financial loss.
  • The firm or IFA failed to carry out thorough due diligence on the investments that led to financial loss.

Although the FSCS does not cover unregulated investments, it may be able to step in and help if the firm or IFA that gave advice on the investment, was regulated. This can get complicated, which is why we would recommend seeking professional legal advice, even if you still wish to ‘go it alone’ and pursue the claim yourself.

Start Your Claim Today – Speak to Money and Me Solicitors

What are the benefits of using a professional law firm such as Money and Me Solicitors to pursue my claim instead?

FSCS claims can be complex, technically challenging and extremely time consuming. Add financial jargon, a potentially large number of third parties and the possibility of not really knowing if you are being treated fairly or being offered the right level of compensation, and you could find yourself unsure of where to turn next. Instructing Money and Me Solicitors to manage your claim will have a number of benefits, including:

  • If you or the FSCS are struggling to find the right information to support your claim, it may simply close your case due to lack of supporting evidence. At Money and Me Solicitors we have a wealth of experience in dealing with financial mis-selling claims from both a financial and legal perspective so know exactly what supporting evidence is needed and where/how to get it.
  • The FSCS seems to rely on information that it is provided with rather than questioning it. We know what information is needed to support your claim and will make sure that the FSCS has all the information it needs to assess your claim.
  • Financial and legal jargon is our speciality! – although we also know how to relay any information to you in a straightforward way that is clear and understandable.
  • We send regular reminders to the FSCS to keep the claim moving as quickly as possible.
  • There can be a lot of paperwork and communication between yourself, the FSCS and third parties. This can require a lot of time and commitment, something we can handle for you.
  • We can deal with claim reassignment, if for example, additional claims need to be made to maximise compensation.
  • Our aim is to make sure that our clients are fully compensated for their total loss, not just the loss of the amount that was transferred/invested.
  • People make mistakes, and the FSCS is no exception to this. We will make sure that any mistakes made by the FSCS are picked up quickly so that your claim is progressed as quickly as possible and the full amount of compensation is paid.
  • We fully understand the appeals process, so if your claim is rejected we can advise on the best course of action to ensure that your claim has the best possible chance of success.

Can I make only a single claim?

This depends on the quantum of your losses, and the number of regulated entities involved in the transaction we are scrutinising.

Our team have vast experience of assessing each individual case and identifying the number of claims that can be pursued against such regulated entities. To quote our David Miller from his past experience in the claims industry:

“I have encountered many transactions where the result has been that more than one claim can be, and is, pursued successfully against more than one regulated party involved in the same transaction.”

Claims are considered on their own merit and you will appreciate a successful outcome can never be guaranteed. However, we will use that specialist knowledge and experience within our legal team to piece together all the evidence available and give your claim or claims the very best chance of succeeding.

Please note, if the company or companies we are pursuing are no longer trading, then we would then refer your claim(s) to the Financial Services Compensation Scheme, who place a limit of £85,000 compensation, per regulated firm.

If you are concerned about making a claim, whether for yourself or a loved one, please contact Money and Me Solicitors so we can help and advise.

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