Q&As about Claiming Compensation

How do you decide whether you can help me?

How quickly should I make my claim?

Do I have to pay anything to have my claim considered by the FSCS?

Are there any legal time limits on making a claim?

What does 'in default' mean?

How long will it take to process my claim?

How long will my claim take to process if you have not declared the firm in default?

What happens if I am facing financial difficulties and need my claim processed quickly?

What do you mean by financial loss?

Will I need legal or professional advice to make a claim?

Can you compensate firms as well as people?

Will I be covered if I did business through the Internet?

The firm I dealt with is no longer trading, but FSCS says it cannot help me. Why not?

Jargon Buster

  • Eligible

    qualifying for compensation under Scheme rules.
  • FCA

    The Financial Conduct Authority is the UK's regulator for the financial services industry. 

  • FOS

    Financial Ombudsman Service, for complaints or claims against firms that are still trading.
  • FSMA

    Financial Services and Markets Act 2000, an Act of Parliament governing the regulation and provision of financial products, product providers and financial advisers.
  • In default

    A firm unable, or likely to be unable to pay claims against it. This will generally be because it has stopped trading and has insufficient assets to meet claims, or is in insolvency.