The Financial Services Compensation Scheme (FSCS) recently confirmed that seven companies were found to be in default in June and July 2023 and that UK consumers may be compensated.。

These companies have collapsed and are unable to meet any claims on their own, and customers who are owed money can learn how to be protected by visiting the FSCS website。

The FSCS can step in to pay compensation if the regulated financial company no longer trades and cannot pay the customer's claim。

FSCS notes that its services are free to customers。The scope of protection covers funds in the accounts of banks, building societies and credit unions, as well as pensions.。FSCS also protects financial advice, insurance, investments, mortgage advice and arrangements, debt management and funeral plans.。Customer retains all due compensation when filing a claim directly through FSCS。

FSCS Chief Communications Officer Lila Pleban said:

In the last financial year, the FSCS paid out more than £400m in compensation, helping to get the financial situation of nearly 68,000 people back on track.。When a company goes bankrupt due to money owed to customers, there can be a lot of pressure, but our professional claims processing staff will do everything possible to simplify our free compensation process as much as possible。"