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FSCS confirms first default of mortgage broker

The Financial Services Compensation Scheme has declared mortgage firm Kingsfield and its adviser Gordon Benville in default and has started paying claims against the advisor.

As revealed by Money Marketing on May 8, this is the first time the FSCS has declared a mortgage firm in default.

FSCS says it has sent application forms to affected customers of the firm to enable them to claim compensation from the scheme.

For claims connected to home finance advice and arranging, FSCS can pay maximum compensation of £48,000 per person.

Director of claims Jonathan Clark says: “FSCS’s role is to help people who have lost money after doing business with an authorised firm if that firm is unable or likely to be unable to meet claims made against it. We have started paying claims against the firm and are here to help those who think they may have a claim.”

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