Southsea Mortgage and Investment Company Ltd - payments going out

17th June 2011

Your payment is on its way.  Compensation is winging its way to customers of the Southsea Mortgage and Investment Company Ltd which failed yesterday. The Financial Services Compensation Scheme is sending payments to the vast majority of customers today - the day after the failure.

Customers of the firm, based in Havant, are protected by the FSCS up to £85,000 each. About 270 savers were affected when Southsea failed yesterday. Payments are going to almost all account holders today. Only a small number of accounts are outstanding.

The FSCS is aiming to pay these remaining complex claims within twenty working days. These include 11 trust accounts and the accounts of four people who are deceased.

FSCS Chief Executive Mark Neale says: “This is very good news for savers with the Southsea Mortgage and Investment Company Ltd. Financial Services Compensation Scheme protection has kicked in and the payments are going out to people today. We are pleased to be able to help people who had accounts with the bank and to give them good news.”

Further information