The Financial Services Compensation Scheme (FSCS) has declared five mortgage advice firms in default – they are Network Data, PMSG Insurance Services, also trading as Professional Mortgage Services Group; Financial Quest UK; and First Class Mortgages – paving the way for consumers to claim compensation.
Now the firms have been declared in default, which means t is understood that the firms are unable or likely to be unable to pay claims against them and triggers FSCS protection for their customers.
Kate Bartlett, director of operations at FSCS, said: “The FSCS’s role is to help people who have lost money as a result of doing business with an authorised firm that is unable or likely to be unable to meet claims made against it.
Bobby Kennedy of Gravitas Law said, “This is a positive step, demonstrating the interests of consumers are being taken seriously”