Compensation for financial services firms in default

Customers of three financial services companies in Wales have been told they can claim up to £50,000 compensation.

Binary Financial Services of Nantgarw, Next Generation Mortgages in Cardiff and Port Financial Services of Bangor have all been declared in default, meaning unable to pay any claims.

The Financial Services Compensation Scheme (FSCS) says it is already paying compensation, but is urging other affected customers to come forward.

There is no charge for the service.

Mark Oakes, head of communications at FSCS, said: "We have already started paying compensation in respect of these firms.

"However, we're encouraging anyone else who believes they may be owed money through their dealings with one of these firms to contact our Initial Contact Team if they have not yet applied for compensation."

The FSCS is an independent agency established as part of the Financial Services and Markets Act 2000.

It acts as the compensation scheme of last resort for customers of authorised financial services firms.

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