CONSUMERS can claim compensation of up to £48,000 if they have lost money as a result of their dealings with The Winchester Financial Consultancy Ltd of Hyde Street, Winchester.

It is one of 11 firms that the Financial Services Compensation Scheme (FSCS) has recently declared in default.

FSCS is the UK's statutory compensation scheme for customers of regulated financial services firms. It provides a free service to consumers.

Declaring a firm in default is the final part of a process in which a firm regulated by the Financial Services Authority (such as a financial adviser) has been found by FSCS to be unable, or likely to be unable to pay claims against it. This means that customers who have lost money as a result of dealings with one of these firms might be able to make a claim for compensation to FSCS.

Jonathan Clark, director of claims, said: "FSCS aims to provide an effective and efficient compensation service for consumers, and helps maintain confidence in the financial services sector.

"It is important that we let consumers of the 11 firms know that FSCS may be able to help if they have lost money and the firm can't pay."

FSCS covers investments, deposits, insurance, mortgage advice and arranging (from October 31, 2004), and advice about general insurance and the arranging of policies (from January 14, 2005).

The kinds of investment claims FSCS handles usually relate to advice.

For example, if somebody has been advised to buy an investment product such as an endowment policy, but it was unsuitable for them and they have lost money as a result of the advice they received.

Consumers who believe they may have a claim should contact FSCS on 020 7892 7300, or by email at enquiries@fscs.org.uk. Further information about FSCS' work and how to claim is available from its website at www.fscs.org.uk.

For more information about FSCS see Notes to Editors section or visit www.fscs.org.uk

4:50pm Wednesday 2nd April 2008

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