Financial Services Compensation Scheme Reviews 38

I asked FSCS to help me two years ago. I have sent so much information. They continually ask for new info - there can be nothing left they dont know but still have not helped at all

They contacted me relating to pension advice company. I provided all the details and months later started getting mails and a call saying one of the companies related were not responding to their requests for information so the case would be made inactive. It seems they have no powers to make companies respond to them so what’s the point of investigating if all companies have to do is ignore FSCS?

No_Progress_Bar-Inactive_Warning.pdf

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 explanation.

Looking at the rest of the reviews, it appears I'm in the minority, for me it ran smoothly. Thanks FSCS!

Pity I couldn't give it zero absolutely terrible company.

I have a case sitting with FSCS relating to pension advice I received 7 years ago. The advice was proven to have been incorrect and a loss assessment was almost completed just prior to the advisory company entering administration. FSCS were to pick up the case and complete it. I have waited many months since that happened and feel there is little if any progress being made. FSCS only reply to mails after the maximum allowable 20 days, but regularly contact me to fill in pointless reviews of the organisation. I am now all but pleading with them to complete my assessment, but receive very little beyond their apologies and supportive words. I feel there has been very little in the way of true empathy or efficiency shown with regard to my case. Maybe if it were their own money they were trying to sort out…
I feel generous in awarding two stars at the moment. I can see this dropping to no stars shortly :(

Absolutely shocking service from FSCS they lied to me all the time would be 0 stars if possible pathetic lot

Next month it will be 2 years since I initiated my claim. Do I need to say more than that?

continually sending info. they ask no demand information in a way that the normal person has no idea what they want. two claims lodged with them one now 3 years. the second claim the advice company went insolvent shortly aft ombudsman found in my favour. All data lost during data transfer they say. FSCS is there to block claims. as someone else said to protect the government against any claim.

Gary Benton is a scammer, do not use this company. They will not help, they shut down and just don't talk to you when it's time to get your money back. NO HOPE.

MORONS!

Was sold a mortgage and investment plan when I was grieving for the loss of BOTH my parents. I needed £96k but ended up with £272k after the IFA changed the figures. I tried to pay it back, but the mortco (GMAC -criminals) told me there was a 10% fee. I didnt have the money which was now in the advised invedtment. No affordability checks done on the £272k, and the FSCS said "they couldn't see anything wrong". More Crapita BS. Not fit for purpose.

The FSCS processed my claim quickly and efficiently, and within a few weeks, I received the full amount of my savings back into my new account. I was very relieved and happy that I did not lose any money and that the FSCS was there to protect me. I would highly recommend the FSCS to anyone who has money in a UK authorised financial firm, as they provide a valuable service and a safety net for consumers. The FSCS is a trustworthy and reliable scheme that delivers on its promise.

I want to express my gratitude for Christopher George's exceptional assistance at FSCS. He efficiently and effectively helped me recover crypto assets I thought were lost for good. Christopher's professionalism, expertise, and outstanding communication skills made the process smooth and reassuring. I highly recommend him and the FSCS team for anyone facing similar challenges.

EU, USA, and other major Western economies have much higher limits,

UK limits are very complex, and not a round number like 85k, while other countries do 100, 200, 250, etc, and much higher limits, while in the UK the only limit is up to 1 million, if you sold a house recently, e.g. you are required to spread your money across many banks to be in complete safety, this is bad because it increases the risk of fraud, and allow banks to keep bad conditions,

if they would make a limit like 250k USD or so, financial institutions will be pushed for competition, as they will fight for clients who have pensions, savings, investments, and make life easier for people, as they don't need split money and pensions in order to stay in 85k limit

if you have 1 000 000 debt, they will chase you for money, but if you had 1 000 000 pension/savings/investments good luck to get back anything above 85k....

if you have a workplace pension with X provider, and it goes bust, you will get only 85k. average UK workplace pot by the time of retirement is 200-250k

or if it is higher, at least you could spread it between 2 pots, but if you follow the government agenda, all marketing from pension providers, there is absolutely a case to increase the limit to hold let's say 100 annual minimal annual wages. and round it to 200k or so

I attempted to use their website to check out a bank and see if it was safe to put some savings in there. Their checker did not work.
After entering any high street bank name and confirming the FRN number that is provided by them - and correctly entering the other required fields, the checker responds with the error "Enter firm name or FRN"
I have tried this on 4 different web browsers on PC, also on phones & tablets - all the same error.
I have also disabled all internet aids such as pop up blockers, Ad blockers & vpns. This still leads to the error above.
No wonder there is a fraud problem in the UK if the GSCS tools can't be made to work for a normal user.
When will this be resolved?

Very poor, they have no real power. Just another Financial Government puppet. In the hands of white collar crooks. Referred me to the FCF after two years of wasting my time. Really disappointing.

Introduce a redress scheme for British Steel pensioners yet they have to stop all claims sos they can train everyone on it, poorly ran organisation.

Another useless government organisation on par with the inept and corrupt Financial Ombudsman Service. I Spent days filling out forms and was given false hopes. This service finally provided loop holes for criminal financial advisers (JDP) who never paid out my pension that I paid into for 18 years. I will pursue justice by other means. Advised by them to discuss my case wth the Citizens Advice. Spent hours trying to get through.

I can't thank these guys enough. I was scammed through my military pension from which a certain company went bust but the FSCS have stepped up to the mark and I am ever so grateful. The whole process was very stressful but there was a very bright light at the end of a very dark tunnel. My husband is going through a very similar case with the FOS, fingers crossed for him. Thank you again.

As one of many steelworkers who were mis sold pensions I claimed with the fos
The fscs has taken nearly a year to look at my case in which time the markets have changed to suit the corrupt advisors.
The fscs has taken so long to get the redress scheme of the ground that the compensation levels are zero.
Why isn’t the compensation calculated at the time the advisors issued the advice.
Why did it take so long.
They look after their own.

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.