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Compensation for Blake customers

By helen williams, Hoyland Reporter Sunday 5th January 2014

Customers of failed Barnsley financial firm Blake Independent Financial Services Ltd could be in line for compensation.

 

The Financial Services Compensation Scheme (FSCS) has already started paying out in respect of the Huddersfield Road business. Its former director Martin Blake was found guilty of fraud in February after he misled the Financial Ombudsman Service (FOS).

 

He was given a nine-month suspended prison sentence, ordered to pay £9,000 costs and subjected to a two-year residency requirement. He denied making a false representation to the FOS.

 

Blake Independent Financial Services Ltd has now been declared in default. This means the FSCS is satisfied the company is unable to pay claims for compensation made against it. The declaration opens the way for customers of the firm to make a claim to FSCS.

 

Mark Oakes, head of communications for FSCS, said it was free for individual consumers to use. "We protect consumers when authorised financial services firms go bust. We are appealing to anyone who believes they may be owed money as a result of their dealings with this firm. Please get in touch with FSCS, as we may be able to help you."

 

Since it started in 2001 FSCS has helped more than 4.5m people, paying out over £26bn in compensation. It was set up by government and is funded by a levy on financial services businesses. The scheme protects insurance, investments, deposits and mortgage advice but there are limits to the amount of compensation it is able to pay.

 

The FSCS Initial Contact Team is on 0800 678 1100 or 020 7741 4100 or people can email enquiries@fscs.org.uk.

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