Ruling over Owston Ferry financial firm

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NEWS: News.

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People who may have lost money as a result of their dealings with an Owston Ferry company, may be due some compensation.

Default declarations now pave the way for consumers throughout Yorkshire and the Humber to claim compensation from the Financial Services Compensation Scheme.

And for claims that relate to mortgage advice or arranging, the FSCS can pay up to £50,000 per person per firm for defaults. People may be entitled to compensation if they have lost money as a result of their dealings with Orchid Financial Limited, based in High Street, Owston Ferry. Two other firms in Bradford and Normanton, are included in the list.

Mark Oakes, head of communications for the FSCS said: “We have already started paying compensation in respect of these firms.

“However, we are encouraging anyone who has not been contacted by us and believes they may be owed money as a result of their dealings with either one of these firms to get in touch with the FSCS.”

The FSCS is the UK’s statutory compensation scheme for customers of regulated financial services firms. A declaration of default means the FSCS is satisfied that the firm is unable to pay claims for compensation themselves, and makes no charge to individual consumers for using its service. The body was set up by the Government in 2001 and is a free service to consumers.

The scheme is funded by the financial services industry and has helped more than 4.5 million people so far, paying out more than £26 billion in compensation.

To contact the FSCS Initial Contact Team either telephone 0800 678 1100 or 020 7741 4100, or email at enquiries@fscs.org.uk. Further information about the FSCS is available on its website at www.fscs.org.uk .

Orchard Financial was unavailable for comment.