CUSTOMERS of a failed insurance broker in Barkisland may be entitled to claim compensation, it has been announced.

The Financial Services Compensation Scheme has declared four West Yorkshire brokers to be in default – meaning it is satisfied they are unable to pay claims for compensation themselves.

This paves the way for customers to apply to the FSCS – the UK’s statutory compensation scheme for customers of regulated financial services firms – for compensation.

The firms involved are SRD Financial Management Ltd, based at Bowers Mill, Branch Road, Barkisland; Howson Evans, of Boston Spa, Wetherby; Jackson King & Company Ltd, of Leeds Road, Otley; and

Tong Park Investments Ltd, of St Paul’s Road, Shipley.

FSCS spokesman Mark Oakes said: “We have already started paying compensation in respect of these firms.

“However, anyone else who believes they may be owed money as a result of their dealings with one of these firms should contact our initial contact team if they have not yet applied for compensation.”

For claims relating to insurance advice or arranging, the FSCS can pay 90% of the value of a claim with no upper limit per person per firm declared in default on or after 1 January, 2010.

Since 2001, FSCS has protected more than 4.5m people and paid out £26bn in compensation when financial services firms went bust.

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