Mortgage Advisory Centre Ltd

This is the current position

FSCS has declared Mortgage Advisory Centre Limited in default, which means that FSCS is satisfied the firm is unable to pay claims against it. A declaration of default opens the way for consumers who have lost money as a result of dealings with this firm to make a claim for compensation to FSCS.

If you believe you have a claim against this firm, you should contact FSCS.

The role of FSCS

The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of financial services firms and may be able to help consumers if an authorised firm is unable to pay claims against it. The Scheme was set up under the terms of the Financial Services and Markets Act 2000 and protects deposits, insurance, investments and mortgage business.

What should you do if you have a claim or complaint?

Complaints or claims concerning the financial services provided by this firm should be made in writing to FSCS.

What can FSCS do to help me?

Our role is to protect consumers who have lost money if a financial services firm is unable to pay claims against it. However, there are limits to the protection we can provide.

The rules for FSCS are made by the Financial Services Authority (FSA), the independent watchdog set up by government to regulate financial services and protect consumers. The rules tell us which types of claim are eligible for compensation, and how much compensation we are allowed to pay.

For investment claims compensation is limited to £48,000 (100% of the first £30,000 and 90% of the next £20,000) and we can only pay compensation for financial loss.

Before we can consider claims for compensation we must establish that the firm is 'in default'. We will declare a regulated firm in default if it is unable to pay claims for compensation against it. This is usually because it has insufficient assets, or is insolvent. For a firm to be declared in default we must also establish that there are claims against the firm that would come within our jurisdiction.

More information about FSCS