26th November 2007
The Financial Services Compensation Scheme (FSCS) has declared BFS Investments Plc (BFS) in default. This means that FSCS can now start to deal with claims for compensation against BFS.
What to do if you think you may have a claim
If you think you may have a claim against BFS, you should read the factsheet and, if you think your claim falls within the guidelines we've given, please contact our Customer Services Team to confirm the details of your claim. We will then send you an Application Form. In addition to completing an FSCS Application Form you will be asked to provide the information we need to reach a decision on your claim. This will include copies of all relevant documents you hold in support of your claim: correspondence, statements and other documentation you were sent by BFS. We will be able to start investigating your claim when we receive a completed FSCS Application Form.
If you have previously completed an FSCS Application Form, you do not need to do anything more at this time. We will contact you again if we require any further information or to confirm a decision reached on your claim.
How long will claims take to process?
The FSCS will deal with all claims as quickly as it can. Once a firm has been declared in default we aim to complete the majority of claims within six months from receipt of a completed Application Form. If it becomes apparent that we will not be able to deal with your claim within this timescale, we will let you know. We anticipate dealing with the majority of claims against BFS within six months of receiving completed Application Forms.
The role of FSCS
FSCS was set up under the Financial Services and Markets Act 2000 (FSMA) and covers deposits, insurance, investments and mortgage business. FSCS is an independent body. The service we provide is free to consumers.
As a fund of last resort, FSCS is only able to consider claims against a regulated firm that it considers is 'in default'. A declaration of default will be made if a firm is unable (or likely to be unable) to pay claims made against it, and there are claims which are eligible for compensation from FSCS.
The rules for FSCS are made by the by the Financial Services Authority (FSA), the UK's independent watchdog set up to regulate the financial services industry in the UK and protect the rights of consumers. FSCS can pay compensation only for financial loss, and only in accordance with our rules. There are limits to the amounts of compensation FSCS can pay.