BFS Investments Plc
6th March 2009
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
Once we receive your questionnaire, we will check to see if your claim falls within our remit and if so, we will send out a detailed application form for you to complete. If at any stage you have any questions about the information we require, please contact our helpline on 020 7892 7300.
How long will claims take to process?
Please be assured that the FSCS is aiming to deal with claims as quickly as it can, and hopes to complete most claims against BFS by August 2008.
The role of FSCS
The 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, the 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 the FSCS.
The rules for the 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. The FSCS can pay compensation only for financial loss, and only in accordance with our rules. There are limits to the amounts of compensation the FSCS can pay.