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- Saracens Solicitors >> Financial law services Fund Scheme
In the financial law services sector if a firm stops trading consumers have recourse to claim compensation from the financial services fund scheme. The finance services fund scheme is independent of the government and the financial industry, and were set up under the Financial Services and Markets Act 2000 which regulates the financial law services in general.
The FSCS covers financial law services providers authorised by the Financial Services Authority (FSA). This is an overall independent watchdog which regulates the financial law services in the UK and protect the rights of consumers.
The FSCS was set up to help private individuals mainly, although smaller businesses are also covered. Larger businesses providing financial law services are generally excluded, although there are some exceptions to this for deposit and insurance claims.
As a fund of last resort there are limits to what the it can do if financial law service providers go down.
To be eligible for compensation you must have lost money because of your dealings with a regulated financial law services firm. The FSCS only pays compensation for financial loss.
In the case that the financial law service provider is still trading, consumers must direct their concerns to the Financial Ombudsman Service. This is another independent body which settles complaints between consumers and businesses providing financial law services.
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