Investors urged to claim up to £48,000 compensation
Investors who have lost money as a result of dealing with a now disqualified investment firm could claim up to £48,000 in compensation.
The Financial Services Compensation Scheme (FSCS) is offering compensation up to £48,000 to anyone who lost money as a result of dealing with Essex-based firm Charles Dutton Asset Management.
The firm was declared in default by the Financial Services Authority after it went into liquidation last March.
The FSCS says it has already received two claims for an estimated £60,000 from clients of Charles Dutton relating to the mis-management of their investment portfolios.
But it says anyone else who has lost money as a result of dealings with the firm should contact it in order to see if they are eligible for compensation.
Loretta Minghella, chief executive of the FSCS, said: “Our primary role is to help people who have lost money after doing business with an authorised firm if that firm is unable to meet claims made against it.
“It is important that we let consumers know that we may be able to help if they have nowhere else to turn.”
Consumers who believe they may have a claim should contact FSCS on 020 7892 7300.
The Financial Services Compensation Scheme is the compensation fund of last resort for customers of authorised financial services firms. If a firm becomes insolvent or ceases trading, the FSCS may be able to pay compensation to its customers. Limits apply to how much compensation the FSCS is able to pay, and those limits vary between different types of financial products. However, to qualify for compensation, the firm you were dealing with must be authorised by the Financial Services Authority (FSA).