Wednesday, Jul 05, 2006

Financial Services Compensation Scheme has record claimants

BBC News: Claims against finance firms soar

The number of official compensation claims made by investors who lose out when a financial firm goes bust has nearly trebled in the past year. The Financial Services Compensation Scheme (FSCS) handled 26,000 complaints during the 2005/2006 tax year, as against 9,220 the previous year.

Posted by webmaster @ 02:08 PM (538 views)
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1. inbreda said...

"...estimated that up to 3.5 million UK households face endowment shortfalls of more than 5,000"

Perhaps this is what is driving the VI claims that the housing market is all pink and rosey, when they say 'Mortgage lending hits new high'. What they really mean is 'People who thought their mortgage was paid off are forced to borrow more'.

Wednesday, July 5, 2006 03:29PM Report Comment

2. George Monsoon said...

I agree with you Imbreda, in addition there are all the second mortgages to release equity so that the ignorant can zero those credit card debts!

I only say this, because I know two people I work with who have done just this - and on more than one occasion! So while they drive round in their top of the range German cars, talking about holidays, I sit back in my clapped out Volvo, quietly topping up my modest savings and paying everything by Debit card. It can be frustrating waiting to be right, but hopefully my diligence will pay off.

Thursday, July 6, 2006 09:04AM Report Comment

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