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Customers of authorised mortgage firms are protected by FSCS for business conducted on or after 31 October 2004. FSCS can provide protection if a mortgage firm is unable, or likely to be unable, to pay claims against it.

FSCS is triggered when a firm authorised to advise on or arrange mortgages by the Financial Services Authority (FSA), goes out of business, for example if the firm goes into administration or liquidation.

Once we are satisfied that a firm is unable, or likely to be unable, to pay claims against it, we declare the firm in default. A declaration of default opens the way for the firm's customers to make a claim for compensation to us.