Worldspreads Ltd - update for consumers

19th March 2012

The Financial Services Authority (FSA) has announced that Worldspreads Ltd has entered the special administration regime. The Financial Services Compensation Scheme (FSCS) is aware of the situation with the firm and is working with the administrators, KPMG, to understand how the firm’s failure might affect consumers and the role FSCS might play.

The FSCS protects consumers who lose money when authorised financial services firms go bust. It is liaising with the administrators and the FSA to get the information and data it needs to analyse potential claims under its rules.

Customers of the firm should contact the administrators for more information on the failure of the company and what it means for them. The number is 020 3284 8829.

FSCS Chief Executive Mark Neale says “We are working closely with the administrators and the FSA to understand the scale of consumer losses and potential claims for the FSCS. We will do all we can to provide certainty to customers of the firm as soon as possible. There is no need to contact FSCS at this time. Please direct any enquiries to the administrator. We will publish an update on our website as soon as we are able to provide more information on the potential claims and the process we will use to settle them.”

Since 2001, FSCS has protected more than 4.5m people and paid out more than £26bn in compensation to UK consumers.