11 months ago
I've had an on-going claim that the FSCS have been working on for me over quite a number of years, it finally came to a close this week. I've received a very detailed breakdown and closing explanati... See more
Over a year ago
Pity I couldn't give it zero absolutely terrible company.
Fscs paid out for my missing pension. I am delighted with the outcome. Although my pension at term was worth more, but what’s half of nothing when I lost it, so happy they paid out. They kept me fully up to date throughout their investigations.
... seriously , we need a regulator of the FSCS .. its appalling. Suspect some of the FSCS investigators are not completely independent of the banks , lenders etc that consumers are complaining about.
My parter lost 30k through Galvan we have had our original claim with FOS now transferred to FSCS for the last month but are now told that they are rejecting the claim due to limitation. How is this possible when we have proven to them that the Broker overtraded our account in order to take commission on every trade he placed. We also believe that there was an undisclosed commission taken. I was told by the Law firm dealing with my claim that FSCS told them that the only way to stop these claims coming in is to use the 6 year limitation rule and are tired of dealing with the volume of claims coming in. How pathetic is that. Just another money making scam.
LFC- took off with my money but FSCS Managed to get it back for me. I’m so impressed amazing
Sent FSCS detailed claim for mis-sold investment against company in administration. Company's administrators didn't respond to FSCS request for my file so FSCS made my claim inactive. Have now complained about this. FSCS admitted the error and the claim is now ongoing.
This may be a free service but that's as good as it gets. They claim to be a safety net for consumers but they did everything they could to find a loophole to avoid paying any compensation. Wasted hours and hours of my time encouraging me to make a fruitless appeal. They give you false hope to start with but be prepared for despair and disappointment in the end.
Have failed to protect investers in LCF
They let me down big time when I was looking to invest. Said that London Capital and Finance were secure. I and my husband invested £80 thousand......we're not wealthy or landed gentry, we were just looking for a secure income.
The FSCS do not appear to be treating all investors of London Capital Finance fairly all investors are eligable for compensation not certain ones which appears to be what is taking place. I received a call from LC&F telling me how investing with them was as safe as it could be it was also FCA regulated so i invested Then they said they were now FCA regulated for taking out ISAs . Now FSCS are saying that it is not their responsibility to reimburse the investors even though we were misled by the FCA with their name on the literature of the various investments they appeared to be endorsing the LC&F for invest on the basis it was FCA regulated. . But the FSCS dont consider that all investors only some should have their money returned, but all the investments were FCA regulated so all investors were misled and should be compensated.
FSCS along with the FCA have failed LCF victims. They have labelled ISAs as mini-bonds to avoid compensating victims. There is no excuse not to pay all the victims. On top of that they have sent feedback forms to some of the people they haven’t compensated making them wrongly think they will be paid, so cruel!
To give this gang of incompetents one star is to pay them a complement - certainly not worth any stars Their constant changes and interpretations of their guidelines Proves they are not fit for purpose. Despite being sold ISAs which have proved not to be ISAs by an approved ISA management Company who were authorised and regulated by the FCA, LCF having gone into Administration as they cannot meet their debts, FCFS have failed to recompense investors - bar some 150 lucky people who bought the same product as the other 11500 Investors LCF s Directors and associates have been arrested by SFO, Plus this whole debacle has been the object of At least two Investigations, a Judicial Review and eighteen months investigation by FSFC - they have still managed to delay and find loopholes not to pay out! Close this organisation down as they are not fit for purpose and continue to dishonour the integrity of their organisation
Appalling service. Dishonesty right from the outset regarding LCF. FSCS have endorsed dodgy loopholes, attempted to re-label ISA accounts as “high risk mini-bonds” so as to blame investors and generally sought to wash their hands of the affair. And now they are sending satisfaction surveys to savers who haven’t had compensation making us think we are about to get compensated. it’s a mistake that’s adding yet more stress and making us think it could be a scam. There could be no worse organisation for creating enormous stress for vulnerable savers.
Excellent company, professional service,personal contact.
Based on analysis of 25 reviews rated 1-2 stars for Financial Services Compensation Scheme
“Absolutely shocking service from FSCS they lied to me all the time would be 0 stars if possible pathetic lot”
“Was sold a mortgage and investment plan when I was grieving for the loss of BOTH my parents”
“Another agency to protect the Financial Services from claims of fraud and criminality”
“Just another money making scam”
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The Financial Services Compensation Scheme (FSCS) is an independent organization established by the UK government to protect consumers when authorized financial services firms fail. The company offers compensation to individuals whose claims cannot be paid due to the insolvency of financial institutions. FSCS safeguards various financial products, including deposits, investments, and pensions, providing consumers with peace of mind in uncertain financial situations. FSCS serves a broad range of customers, including individuals with savings in banks and building societies, investments in credit unions, and pension holders. With a compensation limit of up to £120,000, the FSCS ensures that customers can recover their funds directly without incurring any service fees. As a crucial safety net for consumers in the financial services sector, FSCS plays a vital role in maintaining trust and stability within the industry.
The Financial Services Compensation Scheme (FSCS) receives overwhelmingly negative feedback from consumers, with many expressing frustration over the lengthy and unhelpful claims process. Reviewers frequently mention significant delays, with some claims taking years to resolve, leading to feelings of disappointment and a lack of empathy from the staff. While a few customers report positive experiences, highlighting successful claims and efficient service, these instances are rare compared to the overall dissatisfaction. Common complaints include poor communication, perceived incompetence, and a lack of power to effect meaningful change. Additionally, the complexity of the compensation limits compared to other countries adds to the frustration.
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