The FSCS is stepping in to protect individuals who may have lost money as a result of dealings with mortgage advisers PMSG Insurance Services Limited also trading as Professional Mortgages Services Group, Financial Quest UK Limited, Finance Direct (UK) Limited, First Class Mortgages Limited, and Network Data Limited.
Declaring the firms in default means they are unable or likely to be unable to pay claims against them and triggers FSCS protection for their customers.
Due to a recent change in the compensation limits, the maximum amount that consumers may be able to claim varies. For mortgage advice and arranging the maximum level of compensation for claims against firms declared in default before 1 January 2010 is 100% of the first £30,000 and 90% of the next £20,000 up to £48,000 per person per firm. However, if a firm was declared in default on or after 1 January 2010 the new compensation limit is 100% of the first £50,000 per person per firm.
Commenting, Kate Bartlett, director of operations, 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. The FSCS helps to instil confidence in the financial services sector by ensuring consumers get the compensation they are entitled to when this happens. People who believe they may have a claim against the firms should contact the FSCS on 0800 678 1100 or 020 7892 7300, or by email at [email protected]."
The addresses of the firms are:
PMSG Insurance Services Limited also t/a Professional Mortgages Services Group
20 ST CUTHBERTS WAY, DARLINGTON, COUNTY DURHAM, DL1 1GB
Financial Quest UK Limited
126 MARKET STREET, HYDE, CHESHIRE, SK14 1EX
Finance Direct (UK) Limited
THE WORKS, 5 UNION STREET, MANCHESTER, M12 4JD
First Class Mortgages Limited
FIRST CLASS MORTGAGES LIMITED, CROWN HOUSE, CAMBRIDGE ROAD, BARKING, ESSEX, IG11 8NL
Network Data Limited
NETWORK DATA LTD, BOTLEYS MANSION, CHERTSEY, SURREY KT16 0AP
