See our COVID-19 – FSCS update for customers page. We explain this as part of the application process. Created by the Financial Services and Markets Act 2000, it is available for consumers of authorised financial service providers. The FSCS process is free of charge to use. Claims to the FSCS typically take around 6 months to be processed but some cases can take longer. This really is why it makes sense to use Assist.Claims: we examine FSCS decisions Get your documents together. We’re also offering additional claims support for NHS key workers. FSCS is open and fully operational. 1. Despite rising volume-related costs, the FSCS has reduced spend in its controllable costs, which has resulted in like-for-like claims handling costs reducing by 8% in 2019/20. The Financial Services Compensation Scheme (FSCS) is known as a ‘fund of final resort’. Or should I make a claim myself with the FSCS & how difficult would it be? You can make a claim with the FSCS in a few easy steps, and the process should take one to two hours to complete. This means you can no longer claim against the firm or any other relevant party. If you work for the NHS and need our support, please contact us so we can discuss the claims process with you. Once you’ve completed your application, your claim will be investigated. The scheme will deal with customers’ claims Read more… We have dealt with one of the biggest issues within the FSCS, in our experience - the frequent issue of severe delays in the claims handling process. In the table below, you can see how long it’s currently taking to complete eight out of ten claims. These are usually known as claim handlers, claims firms or claims management companies (CMCs). The FSCS is unable to pay out on any claims until the firm goes into default and at least one eligible claim is found. Eligible clients can bring claims to the FSCS … FSCS claims handling processes have previously been provided by three suppliers, including Capita. Absolute doddle. During this time, the FSCS may contact you or a third party, such as a product provider. Alternatively, you can make a free claim for compensation to the FSCS yourself. FSCS delivers a critical set of complex customer processes in the Financial Services sector. It's a simple process and you can get help if you need it. If you have a successful claim, FSCS will pay compensation up to the limit that applies. FSCS aims to investigate your claim as quickly as possible. Declaring a firm in default is the final part of a process whereby a regulated firm (such as a mortgage broker) has been found to be unable to pay claims. When you accept this payment, you transfer your legal rights against the firm and any other relevant party to FSCS. 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